Canara Bank is all set to open a branch in New York. In this regard, the State-owned bank has received regulatory approvals from the Board of Governors of the Federal Reserve System. With opening of this branch, the bank would be foraying in the US market.
Besides, the bank is looking at Dubai, Tokyo, Frankfurt (Germany) and Qatar for opening offices. At present, the Bangalore-based bank has five overseas branches at London, Leicester, Shanghai, Manama and Hong Kong.
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 450,200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 percent in deposits and 4.8 percent in advances as on September 30, 2013.
