Allahabad Bank to expand to Dhaka, Shanghai, Hong Kong

Public sector lender Allahabad Bank is all set expand its overseas footprint with the opening branches in Dhaka, Shanghai and Hong Kong and upgradation of its respresentative office at Shenzhen in China to a full fledged branch.

The Kolkata-headquartered bank, with a presence in Hong Kong, aims to target around Rs3,600 crore worth of business from overseas operations in two years.

Allahabad Bank chairman and managing director, J P Dua, told reporters in Chennai yesterday that the bank would leverage the overseas market in a big way. He added that it has one overseas branch in Hong Kong which grossed a business of Rs1,200 crore last year.

''With the opening of one more branch in Hong Kong and other branches in Dhaka and Shanghai coupled with the conversion of Shenzhen representative office to a full-scale branch, we would be able to triple our business from overseas to Rs3,600 crore,'' Dua added.

As regards domestic business Dua said the bank had set a target to grow on an average 22 per cent to 25 per cent and it would be bringing the entire bank and its sponsored RRBs on CBS platform during the current financial year.

Dua said the bank expects a 25 per cent credit growth in the year.