Indian bank sets up first overseas branch (hktdc.com)


	InvestHK's Mike Rowse (right) welcomes Chairman and Managing Director of Allahabad Bank, A. C. Mahajan, to invest in Hong Kong

Marking another step in the growing relationship between the world's fastest growing economic powerhouses, China and India, Allahabad Bank, India's oldest joint stock bank has chosen Hong Kong for its first overseas branch.

The leading public sector bank, which is currently 55.23 per cent held by the Indian government, opened a branch at the Lippo Centre to serve retail and corporate clients. As part of its China expansion plans, the bank also opened a representative office in Shenzhen from which it explores opportunities in the dynamic southern China region.

Chairman and Managing Director of Allahabad Bank, A. C. Mahajan, said: "Having consolidated our business with 2,046 branches across India, as well as long standing relationships with 225 foreign counterparts in all major economies, our Bank decided to expand our presence into key overseas business centres. Hong Kong was a natural first step and we look forward to offering a range of improved and efficient services to cater to the needs of retail and corporate clients in India as well as Hong Kong."

The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, said: "Almost three quarters of the world's leading banks already have offices here, so it's a natural step for a leading Indian bank, such as Allahabad Bank to set up here."

Established in 1865, Allahabad Bank currently has assets of HK$118.04 billion (US$15 billion) and deposits of HK$102.77 billion. Source: InvestHK