Allahabad Bank gets nod for opening office in China

Kolkata, Mar 6: Kolkata-based Allahabad Bank has received Reserve Bank of India's consent for opening a full-fledged branch at Hong Kong and a representative office at Shenzhen in China.

According to a release here today, the Bank had even got the approval from the China Banking Regulatory Commission (CBRC) for the same.

The Bank was now taking steps to open up its office in the those places shortly.

Hence, it would be the Bank's first-ever foreign presence in its 141 years history.

The office in China would give fillip to the bilateral trade relations and economic activities between the two leading Asian nations and even help increase its foreign business by taking the favourable wind in its fold.

The Bank had already applied for permission of opening up the branch office in Hong Kong, for which, the regulatory approval from Hong Kong Monetary Authority (HKMA) was awaited.

UNI