Allahabad Bank opens its First Overseas Branch at Hong Kong
Allahabad Bank has opened today its first overseas
branch in Hong Kong marking another step in the growing relationship
between the world's fastest growing economic powerhouses, China and
India. Looking at the opportunities abound, Allahabad Bank, India's
oldest joint stock bank has chosen Hong Kong for its first overseas
branch.
The leading public sector bank, which is currently
55.23% held by the Government of India, opened a branch at the Lippo
Centre today (26th February) to serve retail and corporate clients. The
occasion was graced by the presence of Mr. T Y. Chan, Head Of Banking
Supervision, Hong Kong Monetary Authority (HKMA) and Mr. B.K. Gupta,
Consul General of India.
As part of its China expansion plans, the Bank also
opened a representative office in Shenzhen from which it explores
opportunities in the dynamic southern China region.
Chairman and Managing Director of Allahabad Bank, Mr.
A.C. Mahajan, said " Having consolidated our business with 2046 branches
across India, as well as long standing relationships with 225 foreign
counterparts in all major economies, our Bank decided to expand our
presence into key overseas business centres. Hong Kong was a natural
first step and we look forward to offering a range of improved and
efficient services to cater to the needs of retail and corporate clients
in India as well as Hong Kong."
The Director-General of Investment Promotion at
Invest Hong Kong, Mr. Mike Rowse said, " We're delighted, but not
surprised, that Allahabad Bank chose Hong Kong for its first overseas
branch. Almost three quarters of the world's leading banks already have
offices here, so it's a natural step for a leading Indian bank, such as,
Allahabad Bank to set up here."
Mr. Rowse added, " Hong Kong's 45000-strong Indian
community has an impressive and long standing reputation for business
and trade across the region and around the world. Add to this the
booming trade links between India and China, I have no doubts Allahabad
Bank will find exciting opportunities in Hong Kong."
Established on 24th April, 1865, Allahabad Bank has
an asset base of Rs.64,921 crores and deposits of Rs.56,523 crores as on
31.12.2006.
Publicity Department
26th February, 2007
Press Corner
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