OBC plans to open offices in UK and Hong Kong
After opening its first overseas office in Dubai this year, the Oriental Bank of Commerce is planning to expand its global footprint further by opening offices in the UK and Hong Kong.india Updated: Nov 01, 2009 12:03 IST
After opening its first overseas office in Dubai this year, the Oriental Bank of Commerce (OBC) is planning to expand its global footprint further by opening offices in the UK and Hong Kong.
"The bank is in the process of seeking RBI permission for more overseas offices preferably in London and Hong Kong," OBC Executive Director H Ratanakar Hegde told PTI.
The bank plans to open a subsidiary in the UK while a full-service branch in Hong Kong to cater to a large NRI (Non-resident Indian) population in these two countries and provide trade financing to Indian corporates from those locations, he said.
The city-based bank opened a representative branch in Dubai on March 30. With this, the bank got overseas presence first time after being established in Lahore in 1943, he said.
To a query on domestic expansion, Hegde said, the bank plans to open about 103 branches by the end of December.
At the same time, the bank is also planning to recruit over 1,500 staff during the current fiscal at various levels, he said, adding that the bank had recruited 1,427 personnel in various cadre during last fiscal.
"The bank intends to recruit more than 1,550 personnel, including 100 marketing managers and 83 agriculture officers and some specialist officers during 2009-10," he said.
Fresh recruitment would help bank in meeting its man-power requirements for its proposed branch and business expansion, Hegde said.
For the second quarter ended September 200, OBC reported 14.31 per cent growth in its net profit at Rs 270.80 crore on the back of increase in interest income and other income.
The bank had a net profit of Rs 236.89 crore in the September quarter last fiscal.