Canara Bank gets China regulatory nod for Shangai branch
09 Jul 2008
Mumbai: Public sector Canara Bank has received a licence from China Banking Regulatory Commission for opening a branch in Shanghai.
''The branch will handle business such as letter of credit (L/C) service/guarantees, trade finance and regular banking services, including receiving public deposits, lending short-term, medium-term and long-term loans, acceptances and discounting of negotiable instruments,'' the Bangalore-based bank said in a statement.
The bank had set up a representative office at Shanghai, about 960 km from Beijing, in August 2005, as a prelude to setting up a full-fledged branch.
This is Canara Bank's third overseas branch after London and Hong Kong in addition to a joint venture in Moscow, the bank said in a statement. The bank also manages two exchange companies in the Middle-East, it added.
Canara Bank now joins the other Indian lenders, including State Bank of India, Bank of Baroda, Bank of India, to start operations in China.
Another four Indian banks, including private sector major ICICI Bank and public sector lender Punjab National Bank also have announced plans to open a branch in Shanghai.
