Allahabad Bank plans to open four overseas branches

Allahabad Bank is planning to open branches overseas branches at Hong Kong, Dhaka, Singapore and Shanghai. In this regard, the bank sought the Reserve Bank of India’s (RBI) approval.

Once the bank receives RBI’s nod, then it would approach the respective countries’ regulators. To fund Hong Kong operations it would raise $500 million as medium-term note.

Allahabad Bank is oldest nationalized Bank with rich experience in extending various banking solutions to its valued clients since 1865. Their consistent track record of growth with profit provides the confidence of meeting all your Banking requirements. Currently the bank serves customers across 110 cities with network 6 zonal offices, 2227 branches (including one in Hong Kong) and 221 ATMs.

The bank’s net profit increased by 17.97% to Rs 1423.11 crore as compared to Rs 1206.33 crore for the year ended March 31, 2010. Total income of the company rose by 25.29% to Rs 12385.10 crore for the year ended March 31, 2011 from Rs 9885.10 crore for the year ended March 31, 2010.