Indian bank to open first South African branch

canarabank  SumaVVIndia’s public sector lender Canara Bank has outlined plans to open its first branch in Johannesburg, South Africa, by December 2013 in an attempt to expand its overseas branch network

The bank also has plans to set up branches in Frankfurt, Germany.

According to Canara Bank chairman and managing director RK Dubey, the bank has already obtained the necessary regulatory approvals in South Africa.

Dubey said, “We have received approval from the Reserve Bank of India and the Central Bank of South Africa to open our first branch in South Africa by December this year. Our officials were in Johannesburg last week to finalise the location and building.”

Besides the proposed branch establishment in South Africa and Germany, Canara Bank has also outlined plans to open branches at other overseas cities like Dubai, Sao Paulo, Dar-es-Salaam, Tokyo, Abuja, Jeddah, New York, Sydney, Ontario, Wellington and Singapore by March 2015.

Dubey had said earlier this year, “We have got approval from the Reserve Bank of India to open branches in New York, Tokyo, Nigeria, Tanzania, Brazil and Jeddah and are working on modalities to open them soon.”

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