Canara Bank is expecting a credit growth of 20% in the current fiscal and also deposit growth in the same range. The state-owned bank is expecting this growth on the back of increased economic activity in the country. Total advances of the Bangalore-based bank stood at Rs 243,936 crore at the end of March 2013 as compared to Rs 233,607 crore at the end of financial year 2011-12, an increase of 4%.
Besides, in a bid to fund its global business expansion, the bank is set to mop up around $1 billion through issue of bonds in overseas market next week. In this regard, the bank will go for road-shows to Singapore, Hong Kong and London between May 27 and May 31.
The bank will use the raised fund for expansion of overseas business. As part of its global expansion plan, the Bangalore-based bank intends to open branches at 9 nine overseas destinations.
