Tamil Nadu - Tiruchi   

Canara Bank to open another branch in UK

TIRUCHI: Expanding its overseas presence, the Canara Bank has proposed to open its second branch in the United Kingdom at Leicester and a Representative Office at Sharjah. The bank has identified the premises for its proposed Leicester branch which would be opened before March, its Chairman and Managing Director A.C. Mahajan said on Saturday.

Addressing the media, Mr. Mahajan said the bank had its overseas branches in London, Hong Kong and Shanghai at present. The bank would expand its domestic operations by substantially scaling up its number of branches across the country.

A total number of 104 domestic branches of the bank would be opened on November 19, the birth anniversary of former Prime Minister Indira Gandhi, he said adding this would increase the number of branches to 2,964.

Of the 104 new branches proposed to be opened, 14 would be in Tamil Nadu, 23 in Karnataka, 12 in West Bengal, 8 in Andhra Pradesh, 5 each in Orissa, Gujarat and Himachal Pradesh, 6 each in Uttar Pradesh and Maharastra and 4 in Kerala.

He said the bank’s net profit for the second quarter in the current fiscal had risen to Rs. 910 crore recording a robust 72 per cent growth. Stating that the total deposits of the bank, with 36 million customers, were Rs. 2.07 lakh crore, Mr. Mahajan said the target was to touch Rs. 2.25 lakh crore before the end of the current fiscal.

The bank aims to reach an aggregate business figure of Rs. 4 lakh crore comprising total deposits of Rs. 2.25 lakh crore and advances of Rs. 1.75 lakh crore.

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