Allahabad Bank puts on hold overseas expansion plans

Kolkata, Jun 16(UNI) With a global financial crisis persisting, Allahabad Bank of India has decided to put on hold its overseas expansion plans in Bangladesh and Kenya.

"We have decided to put the plans on hold till the international scenario improves," Chairman and Managing Director A C Mahajan said while speaking at the bank's sixth annual general meeting today.

The bank had conducted surveys in Bangladesh and Kenya for expansion.

At present, the bank has one branch in Hong Kong and a representative office in China.

However, Mr.Mahajan said the bank was on a 'high growth trajectory' and the outlook for the future was bright.

The Board of Directors had raised the dividend percentage to 35 per cent for 2007-08 from 30 per cent.

UNI KDG ADG RN1902