Syndicate Bank to open overseas branches

Syndicate Bank is taking steps to open new overseas branches and will approach the Reserve Bank of India shortly for clearance, a top official of the public sector bank said today.
"The new branches are being contemplated in South Africa, Dubai Financial Centre, Hong Kong, Thailand and China," bank's Executive Director M Anjaneya Prasad told reporters here.
Presently, the bank has only one foreign branch in London, which is 40-year old.
The bank will raise USD 350 million through the Medium Term Notes (MTN) issue in overseas markets for funds requirements of its London branch as and when the interest rates are favourable.

The bank's board has given approval to raise up to USD 2 billion, he noted.
"Branches in foreign countries locations like these are capital intensive and we are conducting (feasibility) surveys," he said replying to a question.

Out of the Rs 2,768 crore advanced as education loans to students nationally, about 20 per cent was given in Tamil Nadu which was Rs 550 crore as on March 31, 2014.
"Approximately nine per cent (gross value) of education loans in Tamil Nadu is NPA (Non Performing Assets) and the national average (for NPA in educational loan portfolio) is also likely to be the same," he said.

Stating that Tamil Nadu was important to the bank with an annual business of Rs 20,000 crore, Prasad said plans were afoot to increase the branches in the state from 240 to 300 in the current fiscal.
"We hope to do Rs 10,000 crore more business by expanding our operations in Tamil Nadu," he said.