Allahabad bank opens its first overseas branch in Hong Kong

Kolkata, Feb 26 (UNI) Public sector Allahabad Bank today opened its first overseas branch in Hong Kong marking another step in the growing relationship between China and India, the world's fastest growing economic powerhouses.

The bank, which currently had 55.23 per cent holding of the Government of India, opened a branch at the Lippo Centre today to serve retail and corporate clients in presence of Mr T Y Chan, Head of Banking Supervision, Hong Kong Monetary Auhority (HKMA) and Mr B K Gupta, Consul General of India.

As part of its China expansion plans, the Bank also opened a representative office in Shenzhen to explore opportunities in Southern China.

Informing this, Chairman and Managing Director of Allahabad Bank, A C Mahajan said, " Having consolidated business with 2,046 branches across India, the Bank 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." UNI