Canara Bank, a leading nationalized bank, has received licence from the US regulators to open a branch in New York, as it seeks to expand its global presence. The Board of Governors of the Federal Reserve System, Washington DC, US, vide its communication dated December 13, 2013 has approved the proposal of the bank to open a branch in New York.
Canara Bank is India’s fifth largest Public Sector bank (PSB) in terms of assets. As on September 30, 2013, it had assets of around Rs 450200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 per cent in deposits and 4.8 per cent in advances as on September 30, 2013.
