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Canara Bank to open 10 branches overseas

State-run Canara Bank plans to open ten overseas branches and offices, its Chairman and Managing Director A C Mahajan said on Friday.

india Updated: Jan 23, 2009 14:56 IST

State-run Canara Bank plans to open ten overseas branches and offices, its Chairman and Managing Director A C Mahajan said on Friday.

The Bangalore-headquartered bank has obtained approval from the Reserve Bank to open 10 branches or offices in Johannesburg, Frankfurt, Muscat, Manama, QFC-Qatar, Leicester, New York, Sao Paulo, Dar-er-Salam and Tokyo, Mahajan told reporters in Banglore.

These 10 are out of the 21 international financial centres identified for global expansion in the medium term, he said.

Mahajan said global financial turmoil notwithstanding, all foreign branches of the bank continued to be profit-making as on December 2008.

He said the bank's newly formed subsidiaries -- Canara Robeco Asset Management Co Ltd and Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd, now into their first year of operation -- are making "good progress".

Meanwhile, the lender has reported a 52.89 per cent growth in net profit at Rs 701.50 crore in the third quarter ended December 31, 2008.

It had a net profit of Rs 458.83 in the December quarter of FY'08.