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Allahabad Bank opens first global branch,enters Insurance business

Written by: Staff
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Kolkata, Oct 26 (UNI) Public sector Allahabad Bank is opening its first overseas branch in Hong Kong in December this year and has decided to make forays into the non-life Insurance sector in a big way by signing the formal agreement with Japanese partner "Sompo" by next week.

This was announced here today by Allahabad Bank Chairman and Managing Director A C Mahajan while declaring the first half results of the current financial year of the city-based Bank.

He said apart from opening the first full fledged foreign branch of the Bank within the next one and a half months following the receipt of necessary approvals from the RBI and the Hong Kong Banking authorities, Allahabad Bank opened a well equipped Representative office in Guangdong city of China earlier this year.

" However, our plan to open another Rep office at Kazaksthan jointly with the Punbjab National Bank(PNB) this year has been temporarily shelved following some technical problems with the PNB authorities, " Mr Mahajan said but denied any hitch with the PNB in

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