Canara Bank to expand in the North
By Vaibhav Aggarwal
May 31, 2010
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Public sector lender, Canara Bank has plans to foray into the northern part of the country. The bank has a appreciable client base of over 37 million and has a strong hold in the southern part of the country. It plans to open maximum number of its planned 200 branches in the north this fiscal.

"We are planning to open 200 branches in the current fiscal. These branches will be opened across the country with special focus on increasing our presence in Gujarat, Rajasthan and the northeastern states," said AC Mahajan, CMD of the bank.

The current network of the bank accounts to 3,050 branches and it has a total of 2,017 ATMs in its kitty.

"Around 1,650 individuals are proposed to be recruited in 2010-11," added Mahajan indicated that the bank is contemplating at expanding through recruitment too.

The bank is also planning at expanding its overseas presence by opening full fledged branches in Bahrain and Qatar and a representative office at Sharjah in this financial year. This year the bank opened a branch in Leicester, UK in April.

"We are aiming at a total business of Rs 5 lakh crore by March 2011, where target for deposits is Rs 2.85 lakh crore and Rs 2.15 lakh crore for Advances," said Mahajan.


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