Corporation Bank seeks RBI’s approval to open branches in Dubai, Hong Kong
By Joseph Samson
Oct 29, 2012
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Bangalore-based public sector lender, Corporation Bank is planning to expand its branches overseas. The bank is waiting for the regulatory approvals from the RBI to open its overseas offices in Dubai and Hong Kong. A top Bank official said that the bank has sought approval from Reserve Bank of India to open overseas offices.

Mr. Ashwani Kumar, Executive Director of Corporation Bank said, "We have filed application with the RBI seeking license to upgrade our representative offices in Dubai and Hong Kong into full-fledged branches. We wish to convert them into branches as early as possible".

At present, Corporation Bank does not have any branch abroad. A bank official said that as the representative office cannot accept deposits and give loans, so the bank has entered into correspondence banking arrangement with firms in Dubai and Hong Kong.

Corporation Bank has also laid an ambition of opening around 300 new branches in the country during FY12-13. Currently, it has 1500 branches, 1274 ATMs and 12 zonal offices. It also has around 3390 branchless banking units.

The bank has opened 14 SME loan centres and now the bank is looking forward to open its 15th center in Tiruchirapalli on November 3, 2012.


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