Allahabad Bank is planning to revitalize its $500-million overseas bond sale which was put on halt, as its Hong Kong business is increasing due to a rise in trade with China.
The company’s board will talk about the overseas bond sale plan in the next meeting as the lender needs resources for its swelling Hong Kong business, which grew 62% last fiscal to cross the $1 billion mark. It has earned 2.5 times more profit of Rs 48 crore in 2011-12 from the city-state situated on China’s south coast.
The bank will issue dollar-denominated medium term notes or MTN for five-and-a-half years. It will now need to get its MTN programme rated by an overseas rater and initiate legal documentation.
The 147-year old Indian lender has just one overseas branch and is seeking four more licences from Reserve Bank of India for setting up branches in Dhaka, Shanghai, Singapore and a second one in Hong Kong. The bank’s Hong Kong branch has its advances portfolio at Rs 4,723 crore at the end of this fiscal, compared with Rs 2,903 crore a year back.
| Company Name | CMP |
|---|---|
| State Bank Of India | 1021.40 |
| PNB | 104.90 |
| Bank Of Baroda | 246.75 |
| Canara Bank | 126.00 |
| Union Bank Of India | 169.30 |
| View more.. | |
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: