Indian Bank has decided to start a full-fledged branch in Hong Kong in order to strike the booming Sino-Indian trade and financial flows.
In a press report Mr. T. M. Bhasin, Chairman and Managing Director, Indian Bank said that the bank has decided to approach the Reserve Bank of India (RBI) for regulatory approval. He added saying that the strategy of the bank always was to go to places where Tamil population is greater but the branch at Hong Kong is fully for the commercial purpose. Currently the banks loan portfolio includes 42 loan products ranging from regular Home loan and car loan to NRI plot loans and agriculture produce marketing loan.
He added saying that there is a lot of activity happening between China and India, the same way there is business transactions between China and Hong Kong. The new branch at Hong Kong will also take care of the China business also.
He also that that with the approval of the RBI the bank is in talks with the Indonesian Central Bank for opening a branch at Indonesia.Last week, Indian Bank had announced plans to open three more branches in Sri Lanka at Trincomalee, Batticaloa and Hambantota.