A recent press report said that Canara Bank has planned to add at least 2-3 new foreign offices to its existing overseas network in the current fiscal.
Ms. Archana S. Bhargava, Executive Director, of the bank said that the bank is planning launch 250-300 new branches this year. She said the new overseas branches attempted this year would be Japan in Far-East, Germany in Europe.
She added saying that the bank is likely to open a branch in Bahrain next month, and then a branch will be opened in Germany for which license has already been obtained. Ms. Bhargava also said that Canara Bank has already made a preliminary application for a branch license in the US.
Reports said that the bank’s total branch network stands at 3,300, of which 1,700 are rural and semi-urban branches. Its overseas presence comprises four branches one each at London, Hong Kong, Shanghai and Leicester.
The bank also has an existing joint venture named Commercial Bank of India LLC at Moscow in association with State Bank of India. The bank’s loan portfolio includes home loan, personal loan, car loan, business loan etc.