Corporation Bank to soon operate in Africa

May 19th, 2011 - 5:37 pm ICT by IANS  

Panaji, May 19 (IANS) The Mangalore-based Corporation Bank will soon be setting foot on African shores in its bid to expand its operations globally, a top bank official said Thursday.

Addressing a press conference here, chairman and managing director of the public sector bank Ramnath Pradeep said Tanzania was one of the four African nations, where the bank was keen on setting up its business.

“We have approached the Reserve Bank of India (RBI) for a licence to start operations in four African countries. I can name one, Tanzania. The rest of the countries, I cannot disclose at this time,” he said.

“African countries are 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,” Pradeep said, adding that his bank was in the process of obtaining licences from the African nations for starting operations there.

“Presently, we have a representative office in Hong Kong, which we want to upgrade to a full fledged banking operation,” he said.

The Corporation Bank has a nationwide network of 5,000 service outlets throughout India.

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