Allahabad Bank openss its maiden overseas office

Kolkata, Jun 20 (UNI) The first ever overseas Representative Office of Allahabad Bank was inaugurated at Scheuzen in China yesterday.

Inaugurating the first foreign office of the city-based Bank, its Chairman and Managing Director O N Singh said the office would act as a liaison between the head office of the Bank and the trade organisations and Banks in China. It would be an effective tool for demonstrating Bank's commitment to China market.

Mr Singh also thanked the China Banking Regulatory Commission for acting as a facilitator to set up the foreign office of Allahabad Bank.

Incidentally, during 2005-06 the Bank's inland business stood at Rs 78,561 cr, up by 24.87 per cent than that of the previous year.

Deposit of the Bank rose to Rs 48,500 cr, recording a growth of 19 per cent over the last year.

Net profit of the Bank increased from Rs 541.80 Cr in 2004-05 to Rs 706.13 Cr in 2005-06, indicating a growth of 30.33 per cent.

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