A recent press report said that the Mangalore-based Corporation Bank will soon be setting foot on African shores in its bid to expand its operations globally. Mr.Ramnath Pradeep chairman and managing director of the bank told the press that Tanzania was one of the four African nations, where the bank was keen on setting up its business.
He added saying that the bank has approached the Reserve Bank of India for a licence to start operations in four African countries. He said that the African countries were developing and there are a lot of Indian companies and individuals who are setting up businesses there. Because of that fact there is already a sense of familiarity with the Indian clients and there are good business prospects, the bank is in the process of obtaining licences from the African nations for starting operations there.
Mr. Pradeep also said that the bank currently has a representative office at Hong Kong, which they would like to upgrade to a fully fledged banking operation. The Corporation Bank has a nationwide network of 5,000 service outlets throughout India. It has a wide variety of products including car loan, personal loan, education loans etc.