The Oriental Bank of Commerce is planning to expand its global footprint by opening offices in the UK and Hong Kong. Earlier this year, the bank had opened a branch in Dubai on March 30. With this, the bank got overseas presence first time after being established in Lahore in 1943.
OBC Executive Director H Ratanakar Hegde said, “The bank is in the process of seeking RBI permission for more overseas offices preferably in London and Hong Kong.”
The bank plans to open a subsidiary in the UK and a full-service branch in Hong Kong to cater to a large NRI (Non-resident Indian) population in these two countries and provide trade financing to Indian corporates from those locations, he said.
In response to a question about domestic expansion, Hegde said, the bank plans to open about 103 branches by the end of December.The bank is also planning to recruit over 1,500 staff during the current fiscal at various levels. Last year, the bank had recruited 1,427 personnel.
Oriental Bank offers a lot of loans such as Home loans, Car loans, Personal loans etc.