Canara Bank to shut three branches in Leicester, Bahrain and Shanghai

Canara Bank will close its three foreign branches — Leicester (UK), Bahrain, and Shanghai — and sell its 50 per cent stake to State Bank of India (SBI) in Russia as part of rationalisation of overseas branch network.

Rakesh Sharma, bank’s managing director and chief executive officer, told Business Standard that the board of directors had given a nod for overseas branch rationalisation plan. 

Canara Bank has eight foreign Branches, one at London, Leicester, Hong Kong, Shanghai, Manama, Johannesburg, New York, and DIFC (Dubai) and a representative office in Sharjah, UAE.

The Bengaluru-based public sector lender also has a wholly-owned