Corporation Bank to open first overseas office in Dubai

Dubai, June 9 (UNI) Corporation Bank, one of the largest public sector banks in India, has announced plans to open a representative office here, as part of its first overseas foray in 100 years.

The bank, with 835 branches in India, has obtained the Reserve Bank of India's permission for its overseas expansion, Chairman and Managing Director B Sambamurthy said, who was in UAE to hold talks with the Central Bank officials to plan out a strategy to open the bank's representative office in Dubai.

''In six months, we hope to set up a representative office here,'' Mr Sambamurthy was quoted by media as saying. The bank also signed agreements with UAE-based Al Ansari Exchange and Wall Street Exchange to offer remittance and other services.

The bank will also explore possibilities of utilising the facilities at the Dubai International Financial Centre.

The bank, which posted a 26 per cent increase in its consolidated net profit at 98 million dollars for fiscal 2005-06, is projected to double its total business to 22.4 billion dollars in the next 30 months.

UNI XC VJ DS1423