Syndicate Bank, a state-run bank, is reportedly planning to open full-fledged overseas branches in Dubai and South Africa next year. Currently, the bank has an overseas branch in London, which was set up in 1977. The bank has already applied to the Reserve Bank of India (RBI) seeking permission to open branches in Hong Kong, South Africa, China and the UAE.
On the money-raising plan, the bank may go to the market before March to raise Rs 500-1,000 crore by issuing Tier-I bonds. The bank has already obtained board’s approval to raise additional tier-I bonds of Rs 1,000 crore and tier-II bonds of Rs 1,150 crore.
Syndicate Bank (SB) is a Manipal-based public sector bank which was established in 1925. The bank has registered 32.86% fall in its net profit at Rs 315.60 crore for second quarter ended September 30, 2014 as compared to Rs 470.12 crore for the same quarter in the previous year.
