Canara Bank to open branches in Bahrain

Canara Bank to open branches in BahrainIn 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.

 



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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...

Canara Bank to open branches in BahrainIn 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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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