Canara Bank gets nod for China branch

The Shanghai branch of Canara Bank will handle business like L/C service/guarantees, trade finance, apart from taking public deposits, issuing short-term, medium-term and long-term loans, handling acceptances and discounting of negotiable instruments among others.

This is the third overseas branch of the Bank, after London and Hong Kong, in addition to a joint venture in Moscow. The Bank also manages two exchange companies in West Asia.