Canara Bank forays into China

Wednesday, 21 July 2004, 07:00 Hrs
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BANGALORE: India's leading public sector bank Canara Bank has forayed into mainland China by opening a representative office in Shanghai.

Though the bank has been operating from Hong Kong through its wholly owned subsidiary Indo-Hong Kong International Finance Ltd (IHIFL) for trade finance, the Shanghai office will be handling the growing trade between India and China.

"We are entering the Chinese market to handle the increasing export and import trade finance between the two countries and to leverage our presence in Hong Kong with other Asian countries in the region," said Canara Bank chairman and managing director R.V. Shastri.

The bank is also planning to set up its branch office in China.

"We have applied to the Chinese government for a licence to have full- fledged operations in the next two years," Shastri told IANS.

IHIFL has an asset base of $100 million.

Canara Bank is the latest Indian bank to enter China after a similar foray by other public sector banks such as the State Bank of India, Punjab National Bank and Bank of Baroda.

Source: IANS
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