An important announcement was made by A K Gupta, the Canara Bank Executive Director, stating that they are all set to open a branch in New York and was just waiting to get a regulatory permission from the Board of Governors of the Federal Reserve System. This announcement was made at another event that was conducted by PHD.
It is important to state here that the opening of Canara Bank’s branch in New York, the back is going to mark its presence in US financial market, with its consequently planning to be in other destinations also, such as Tokyo, Dubai, Qatar and Frankfurt
Presently, Canara Bank has its International presence in five branches that are - London, Shanghai, Leicester, Hong Kong and Manama. AK Gupta further stated that the bank has raised nearly Rs 1,500 crore from financial bonds, for the sake of mobilizing its resources. This amount is expected to rise to Rs 500 crore and above by March 2014.