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India's largest public sector Bank in terms of aggregate business, Canara Bank, today (28 March) officially announced the opening of its first branch in Hong Kong. The move is an expansion for the bank which has had a presence in Hong Kong since 1985 by way of its wholly owned subsidiary, the deposit taking company (DTC) Indo Hong Kong International Finance Ltd.
At a glittering ceremony, the branch was declared open by Mr P. Chidambaram, Union Minister for Finance, Government of India in the presence of Her Excellency Mrs Nirupama Rao, Indian Ambassador to the People's Republic of China and Mr M.B.N. Rao, Chairman and Managing Director of Canara Bank.
Commenting on the its new venture in Hong Kong, Mr Rao said, "It allowed the company greater freedom to explore opportunities arising from the growing trade between India and China by way of increased trade finance, syndicated loans and treasury operations."
As part of the bank's Greater China expansion plans it also has a representative office in Shanghai and is applying for a branch licence to operate more widely in Mainland China.
Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Mark Michelson, congratulated the Canara Bank on its expansion plans. "Canara bank has rightly identified the massive potential created by the growing trade relations between India and the Greater China region. Equally the bank understands the pivotal role Hong Kong is playing in financing this success. Hong Kong's reputation as a leading global financial centre is now well established and at Invest Hong Kong we know Canara has made a wise choice in upgrading its services in this city," said Mr Michelson.
Established in 1906, Canara Bank celebrated its centenary last year. It has an asset size of over US$30 billion and is 73.17% owned by the Government of India. Known for its strong fundamentals and sound business policies, Canara Bank has the distinction of posting profits every year since inception. It declared a dividend of 66% for the financial year ending on 31st March 2006. The Bank has a network of over 2,550 branches nationwide and 47,000 employees serving some 29 million customers. For more: www.canbankindia.com
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish or expand a business presence here. For more information: www.investhk.gov.hk.
Ends/Wednesday, March 28, 2007
Issued at HKT 16:58
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