Allahabad Bank to go slow on overseas expansion
Speaking at the sixth annual general meeting of Allahabad Bank here today, Chairman and Managing Director A C Mahajan said presently the bank has one full-fledged branch in Hong Kong and a representative office at Shenzhen in China.
The Bank had also conducted surveys in Bangladesh and Kenya for expanding the footprint. "However, we have decided to put the plans on hold till the international scenario improves," he said.
The Bank, Mahajan said, was on a high growth trajectory and the outlook for the future was bright.
Its board had raised the dividend percentage from 30 per to 35 per cent for the year 2007-08 and capital adequacy ratio of the bank as on March 31, 2008, stood at 11.99 per cent.
Mahajan said Allahabad Bank is already compliant in terms of Basel-II norms.
The Bank would seek government's approval for coming out with a rights issue.