Allahabad Bank is planning to expand its international operations by setting up new offices at China, Hong Kong and Bangladesh. The bank is planning to invest around $35 million (around Rs 160 crore) for the new branches. The bank also set a target to up overseas business three times in two years.
Briefing reporters in Chennai bank’s chairman and managing director J P Dua said that the bank approached the RBI for licence to open branches at Shanghai, China and Dhaka, Bangladesh.
“Capital infusion for Shanghai would be $30 million and $5 million for Dhaka,” he said.
The bank is planning to convert its representative office at Hong Kong to a full fledge branch. Currently, our overseas business is around Rs 1,200 crore, which will be increased by three times over the next two years, he added.
“Our main focus area will be on trade finance and external commercial borrowings (ECBs), said Dua. Commenting on bank’s subsidiary Allbank Finance, a merchant banking arm, Dua said, the bank has recently concluded syndication of Rs 200 crore.