According to Mr. J.M. Garg, Chairman and Managing Director, Corporation Bank would raise Rs 2,000 crore during the current financial year. He said that the money would be raised through perpetual and subordinated bonds. He also said that the bank was targeting to achieve a business of Rs. Two Lakh Crores during the current fiscal.
He said that the bank would upgrade its representative offices in Dubai and Hong Kong to full-fledged branches, besides Bahrain, London and Singapore.
In India, the bank would set up 200 branches in the next five years, he said. Mr Garg said that the bank was planning to foray into general insurance for which a consultant had been appointed.
He said that in 2011-12, the bank could go for a rights issue or a follow-on offer. At present the government holding in the bank is at 57 per cent. The bank today opened 250 outlets across the country that included ATMs, branches and Corp Grameen Vikas Kendras.
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