Allahabad Bank opens first Overseas branch in Hong Kong

New Delhi, Feb 26 (UNI) Foraying into the outside market, Allahabad Bank, country's oldest joint stock bank, today announced it has opened its first overseas branch in Hong Kong.

The bank opened a branch at the Lippo Centre to serve retail and corporate clients.

As part of its China expansion plans, the bank also opened a representative office in Shenzhen from where it will explore opportunities in the dynamic southern China region.

''Having consolidated our business with 2,046 branches across India, as well as long standing relationships with 225 foreign counterparts in all major economies, we have decided to expand our presence into key overseas business centres. Hong Kong was a natural first step and we look forward to offering a range of improved and efficient services to cater to the needs of retail and corporate clients in India as well as Hong Kong,'' Bank's Chairman and Managing Director A C Mahajan said.

The Director-General of Investment Promotion at Invest Hong Kong Mike Rowse said almost three quarters of the world's leading banks already have offices here, so it is a natural step for Allahabad Bank to set tip here.

The booming trade links between India and China, will offer Allahabad Bank exciting opportunities in Hong Kong, he added.

UNI