Allahabad Bank, a Calcutta based local bank of India, is planning to open a branch in Bangladesh, news of Economic Times. This bank took initiative to open separate branches in China, Singapore and Hong Kong. J. P. Dua, Chairman and Managing Director of Allahabad Bank, informed that they have already asked for permission to the central bank of India, Reserve Bank of India (RBI) for opening these branches.

Currently Allahabad Bank has only one foreign branch in Hong Kong. In the past two years this branch was successful in making profit to run it. Apart from this there is a representative office of Allahabad Bank in Shen Ben of China. Bank authority wishes to convert this branch in a fully fledged branch. This bank has managed to deal a foreign business of One thousand and two hundred Rupees with only a branch and a representative office. The Bank authority is hopeful to make this business thrice in the next two years.

Mr. Dua also informed that they have plan to open forty more branches in India in the next three years.    

News Source: Prothom Alo/20 Dec 2010