Canara Bank to open branches in Bahrain
In an effort to win the business of the millions of Indians living abroad, Canara Bank has announced plans to open branches in Bahrain. Canara, India’s 3rd largest bank, already operates in Hong Kong and London, and plans on expanding to Canada, Johannesburg, Frankfurt, and Kenya. The 5 new branches in Bahrain will open as soon as the political climate there cools.
Canara hopes to see 5% of its net interest income coming from overseas transactions by the end of the year. Last year saw 3.8%. The bank expects to have to work hard to turn a profit, as the bank’s small size and presence overseas make attracting business difficult. The Indian government also recently increased the repurchase rate in an effort to slow inflation, so Canara might feel the backlash from that as well.
In an effort to win the business of the millions of Indians living abroad, Canara Bank has announced plans to open branches in Bahrain. Canara, India’s 3rd largest bank, already operates in Hong Kong and London, and plans on expanding to Canada, Johannesburg, Frankfurt, and Kenya. The 5 new branches in Bahrain will open as soon as the political climate there cools. Canara hopes to see 5% of its net interest income coming from overseas transactions by the end of the year. Last year saw 3.8%. The bank expects to have to work hard to turn a profit, as the...
In an effort to win the business of the millions of Indians living abroad, Canara Bank has announced plans to open branches in Bahrain. Canara, India’s 3rd largest bank, already operates in Hong Kong and London, and plans on expanding to Canada, Johannesburg, Frankfurt, and Kenya. The 5 new branches in Bahrain will open as soon as the political climate there cools.
Canara hopes to see 5% of its net interest income coming from overseas transactions by the end of the year. Last year saw 3.8%. The bank expects to have to work hard to turn a profit, as the bank’s small size and presence overseas make attracting business difficult. The Indian government also recently increased the repurchase rate in an effort to slow inflation, so Canara might feel the backlash from that as well.
