NEWS & ADVICE : HOME LOANS
Corporation Bank to set up branch in Africa
By Joseph Samson
May 20, 2011
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Public sector lender Corporation Bank has decided to extend its operations to Africa soon, informed a top official of the bank.

According to CMD of the bank, Mr Ramnath Pradeep, the bank is keen on setting up a branch in Tanzania.

"We have approached the Reserve Bank of India (RBI) for a licence to start operations in four African countries. I can name one, Tanzania. The rest of the countries, I cannot disclose at this time," he said.

"African countries are developing and there are a lot of Indian companies and individuals who are setting up businesses there. Because of that fact there is already a sense of familiarity with the Indian clients and there are good business prospects," Pradeep said.

"Presently, we have a representative office in Hong Kong, which we want to upgrade to a full fledged banking operation," he said.


 


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