Allahabad Bank is planning to expand its international operations by setting up new offices in China and Bangladesh. It would invest around $35 million (around Rs 160 crore) in the new branches.
Speaking to reporters here, chairman and managing director JP Dua said the bank had approached the Reserve Bank of India (RBI) for licence to open branches at Shanghai, China, and Dhaka in Bangla-desh. “Capital infusion for Shanghai would be $30 million and $5 million for Dhaka,” he said.
The bank is also planning to convert its representative office in Hong Kong into a full-fledge branch.
“Currently our overseas business is around Rs 1,200 crore, which will be increased three times over the next two years,” he added.
On merchant banking arm, Dua said the bank had recently concluded syndication of Rs 200 crore and was targeting Rs 2,500 crore for 2010-11.
