Corporation Bank to open office in Dubai

New Delhi, Apr 26: As part of its first overseas foray, Corporation Bank said it will open a representative office in Dubai by the end of Next Month. ''We have completed all the necessary formalities with the UAE government and all set to start our first representative office in Dubai in the next four-five weeks,'' Bank's Chairman and Managing Director B Sambamurthy told reporters here while announcing its Q4 results.

He added the Bank had obtained the Reserve Bank of India's permission for its overseas expansion. One of India's leading public sector banks, Corporation Bank has signed agreements with the UAE-based Al Ansari Exchange and Wall Street Exchange to offer remittance and other services.

Mr Sambamurthy also said the Bank is exploring the possibilities to open a branch in the United Kingdom.

''We are exploring the possibilities for setting up our branch in the UK, but have not finalised yet,'' he said.

Mr Sambamurthy said the Bank has a headroom of Rs 3,000 crore in funds, which was enough for its expansion plans.

UNI