Allahabad Bank to open first foreign branch in Hong Kong soon

Kolkata, Apr 28 (UNI) As the necessary nod from the local government finally arrived, public sector Allahabad bank is now all set to open its first foreign branch in Hong Kong very soon.

"With this necessary approval from the Hong Kong Monetary Authority (HKMA) the road is now clear for the 142 year old bank to open its maiden overseas branch since the Reserve Bank of India(RBI) has already given its permission for this purpose," Allahabad Bank sources here today informed.

Incidentally, earlier, this year the Kolkata-based bank had also received the necessary approval from the China Banking Regulatory Commission (CBRC) for opening its first Representative office at Shenzhen in China.

The process for opening that office was well underweay, the sources said and hoped that with the huge business prospect lying ahead in China they planned to upgrade the Shenzhen Rep office as a full fledged bank branch by next year.

With the gradual opening of the Hong Kong branch and the Shenzhen Rep office, Allahabad Bank was now all set to act as an intermediary in the booming trade and Commercial linkage between the two Asian giants, the sources emphasised.

UNI ABA TJP RN 1836