NEWS & ADVICE : FIXED DEPOSITS
Allahabad Bank aims 4 more offshore branches
By Neelima Shankar
Jun 13, 2011
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Public sector lender Allahabad Bank has filed an application to regulator, Reserve Bank of India to allow it to open four more offshore branches.

"We have approached RBI to open a second branch in Hong Kong and branches in Dhaka, Singapore and Shanghai," the Chairman and Managing Director, Mr J.P. Dua said.

Following approval from the central bank, the lender would be approaching regulators of the respective countries with its plan.

Mr Dua also said that the bank will be working towards maintaining its net interest margins despite pressure from increasing competition in the market and increasing deposit rates.


 


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