CANARA BANK TO OPEN BRANCHES IN QATAR, BAHRAIN

According to Mr. H.S. Upendra Kamath, Executive Director, Canara Bank is waiting for licences to open branches in the Gulf countries of Qatar and Bahrain. The applications are currently being processed by the regulatory bodies in the two countries.

The bank has two branches in the UK and one each at Hong Kong and Shanghai, besides a representative office at Sharjah and a joint venture in Moscow with the State Bank of India. The bank has obtained 12 licences from the RBI to open branches abroad.

The bank is planning to open 4,000 new ATMs before March 2012 to augment its present strength of 2,010. Around 500 ATMs would be opened before March 31, 2011. The bank would also be opening 105 branches on November 19 to mark its Founders' Day. All the branches of the bank have been brought under core banking solution.

The bank is looking, in the medium term, at an annual growth rate of 25 per cent. With the Union Government calling for funds to the tune of $200 billion to fund infrastructure projects such infrastructure lending is expected to fuel growth process in the country.

Total business grew by 20 per cent to touch Rs 4.25 lakh crore. At Rs 1,008 crore, the bank's net profit has crossed the Rs 1,000 crore-mark for two consecutive quarters for the first time in its history.

SOURCE: http://www.thehindubusinessline.com/2010/10/30/stories/2010103051132300.htm