Central Bank of India
The public sector bank, which is marking its centenary year celebrations in 2011, is exploring possibilities of setting up a representative office in the Emirates, and opening of a branch at Dubai International Financial Centre (DIFC), an offshore financial district, a Khaleej Times report has said.
"Foraying into the Gulf region is a part of the bank's overseas expansion plan that will see the sleeping giant embarking on an aggressive growth swing after a period of stagnation," Central Bank of India Executive Director Rajeev Kishore Dubey told the newspaper.
Dubey had earlier told PTI that the bank plans to expand to
"The Gulf offers immense potential as there is big demand for our services from the NRI population. The region is also a good market for remittance," Dubey said.
He said the bank's long overdue overseas expansion is to get more international business, while extending its banking facilities to the Indians settled abroad.
The centenary year will see the bank rejuvenating its workforce, process and products, while refurbishing branches across
Dubey admitted that the bank has been dormant for the past 15 years.
"We have now adopted a new business model to drive our growth further in the coming decade," he said.
The bank had doubled its profit in fiscal 2009-10 to Rs10 billion, its "best-ever-year on all parameters".
"This year, we will see profit growing to Rs 1,500 crore, up 50 per cent," Dubey added.
Also on the bank's agenda, are plans to include wealth management and asset management services, installing 500 on-site ATMs as well as a thrust on financial inclusion, he said.
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