A recent press report said that Public sector lender Canara Bank has set up a wholesale branch in Bahrain. The branch will offer services to the Indian corporations operating in the gulf region. The corporates will be offered a wide variety of products and services through the bank’s new branch.
Reports said that through this branch, the bank has also planned to strengthen base for expanding in the Gulf. Mr. Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), said that he was delighted that Canara Bank has chosen Bahrain as the location from which to access the trillion dollar Gulf market and the wider Middle East.
He also said that the financial services sector has played a vital role in the economic growth of Bahrain over the last four decades. He said that Bahrain will be able to achieve long-term, sustainable economic growth by attracting investment from key emerging economies such as India.
Canara Bank is a state-owned financial services company in India. It was established in 1906, making it one of the oldest banks in the country. It occupies a premier position in the comity of Indian banks with an unbroken record of profits since its inception. The loan portfolio of the bank includes home loans, personal loan, gold loan, education loan, mortgage loan, etc.