India’s largest public sector bank in terms of aggregate business, Canara Bank, has officially announced the opening of its first branch in Hong Kong.
The move is an expansion for the bank which has had a presence in Hong Kong since 1985 by way of its wholly owned subsidiary, the deposit taking company (DTC) Indo Hong Kong International Finance Ltd.
At a glittering ceremony, the branch was declared open by Palaniappan Chidambaram, India's Minister for Finance, in the presence of Nirupama Rao, Indian Ambassador to the People’s Republic of China and M.B.N. Rao, Chairman and Managing Director of Canara Bank.
Commenting on the its new venture in Hong Kong, Rao said, “It allows the company greater freedom to explore opportunities arising from the growing trade between India and China by way of increased trade finance, syndicated loans and treasury operations.”
As part of the bank’s Greater China expansion plans it also has a representative office in Shanghai and is applying for a branch licence to operate more widely in Mainland China.
Associate Director-General of Investment Promotion at Invest Hong Kong, Mark Michelson, congratulated the Canara Bank on its expansion plans. “Canara bank has rightly identified the massive potential created by the growing trade relations between India and the Greater China region. Equally the bank understands the pivotal role Hong Kong is playing in financing this success. Hong Kong’s reputation as a leading global financial centre is now well established and at Invest Hong Kong we know Canara has made a wise choice in upgrading its services in this city."
Established in 1906, Canara Bank celebrated its centenary last year. It has an asset size of over US$30 billion and is 73.17% owned by the Government of India. The bank has posted profits every year since inception.
Canara declared a dividend of 66% for the financial year ending on 31st March 2006 and the bank has a network of over 2,550 branches nationwide and 47,000 employees serving some 29 million customers.
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