Allahabad Bank opens its first Overseas Branch at Hong Kong

Allahabad Bank has announced that on February 26, 2007 the Bank has opened 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, the Bank, India's oldest joint stock bank has chosen Hong Kong for its first overseas branch.

The leading public sector hank, which is currently 55.23% held by the Government of India, opened a branch at the Lippo Centre on February 26th 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 the 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 tip 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 April 24, 1865, the Bank has an asset base of Rs 64,921 crores and deposits of Rs 56,523 crores as on December 31, 2006.

Source : Equity Bulls

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