Canara Bank gets licence to open branch in Shanghai

July 9th, 2008 - 3:55 pm ICT by IANS  

Bangalore, July 9 (IANS) Canara Bank has obtained a licence from China’s banking regulatory commission to open a branch in Shanghai, the leading state-run bank said here Wednesday. As a prelude to setting up the branch, the bank had set up a representative office at Shanghai, about 960 km from Beijing, in August 2005.

“The branch will handle business such as L/C (letter of credit) service/guarantees, trade finance and regular banking services, including receiving public deposits, lending short-term, medium-term and long-term loans, acceptances and discounting of negotiable instruments,” the Bangalore-based bank said in a statement here.

The bank already has two overseas branches in London and Hong Kong. It also operates a joint venture with State Bank of India (SBI) in Moscow and manages two exchange firms in Dubai and Kuwait in the Gulf region.

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