PSU bank, Allahabad Bank is intending to open branches in China, Hong Kong and Bangladesh. The bank plans to increase its overseas business by around 3 times in the next 2 years.
JP Dua chairman and MD of Allahabad Bank said, “We have approached Reserve Bank of India (RBI) for licence to open bran¬ches at Shanghai, and Dhaka”.
The bank has kept aside about $35 million (approx. Rs 160 crore) for spending on the new branches.
The country wise allocation of money is such that $30 million is meant for China (Shanghai) and $5 million for Bangladesh (Dhaka).
Dua said, “Our overseas business is around Rs 1,200 crore, which will be increased by three times over the next two years, by the time all the new branches would kick start and the main focus will be on trade finance and external commercial borrowings ECBs)”.