NEW DELHI: The Mangalore-based state-run Corporation Bank is looking forward to set up overseas branches soon. Ramnath Pradeep, chairman and managing director of the Corporation Bank told TNIE on the sidelines of 106th Foundation Day celebrations inaugurated by Finance Minister Pranab Mukherjee on Saturday in the Capital.
“The application is pending with the Reserve Bank of India. We are keenly looking forward to open the branch first in Hong K o n g , ” Pradeep said when asked a b o u t t h e bank’s global expansion.
Already the bank, a premier public sector bank, has opened its local representative office in Hong Kong.
Pradeep said his bank wanted to explore new opportunities in Africa. “We see huge opportunities for business in South Africa. We are interested in opening a branch there,” he added.
Back at home, the Corporation Bank, which had a humble beginning in the temple town of Udupi, with a business of `38 in 1906, has now 1,300 branches across the country with a business to the tune of `1.75 lakh crore till December 2010. “We are completing 200 branches this year, 105 more will be opened this month,” he said.
As part of the new initiatives, Corporation Bank, along with the Commonwealth Secretariat, London, will assist entrepreneurs between age group of 18-28 with a special focus on women and differently abled individuals.
“We have identified Udupi and Chickmagalur for the pilot projects. We are also in the process of identifying four more districts across the country,” he added.
Pradeep said `309 crore capital infusion would be done into the bank. This will take government equity to 58.52 per cent from the present 57.12 percent. The bank’s tier-I capital adequacy will go up to 8.52 percent with the infusion. Inaugurating the celebrations, Mukherjee warned the global recovery was still fragile. “The high commodity prices and uncertainty of energy prices due to political turmoil in West Asia have created an atmosphere of uncertainty. We are at a challenging time as the world is yet to recover from the worst financial crisis,” he said, adding India is coming out of the global crisis and it must attain higher growth to ensure the benefits of growth reaches the largest number of people.