Canara Bank expands overseas network to New York

With the inauguration of New York branch, the Bank now has presence in 8 countries

Close on the heels of opening a branch in Johannesburg in South Africa, Bangalore-based public sector lender Canara Bank on Monday opened another overseas branch at New York, USA.

This is its seventh overseas branch after London, Leicester (UK), Hong Kong, Shanghai, Bahrain and Johannesburg. In addition to the above, the bank has a representative office at Sharjah and a joint-venture bank in Moscow. With the inauguration of New York branch, the bank has now presence in eight geographies— UK, USA, Hong Kong, China, Bahrain, South Africa, UAE and Russia.

The bank has plans to open branches/offices in Germany, Dubai, Brazil, Tanzania, Japan, Nigeria and Qatar during the current financial year. Overseas business of the bank, which is at 5.72 per cent of the total business as at March 2014 is projected to increase to 10 per cent by the end of FY15, the bank said in a statement.

At the end of financial year 2013-14, Canara Bank had five overseas branches, which together contributed Rs 41,094 crore business, up 42.7 per cent from Rs 28,786 crore a year ago.