Allahabad Bank Gets HKMA NOD for branch at Hong Kong

Allahabad Bank has received communication from the Hong Kong Monetary Authority (HKMA) regarding granting of licence for opening of a branch at Hong Kong. With the approval, the road is now clear for the Bank to open its first overseas branch in its glorious history of 142 years. The Bank has already got the Reserve Bank of India's nod in this matter. The Bank is going to open the branch at Hong Kong shortly.

Earlier, the Bank has already got the approval from the China Banking Regulatory Commission (CBRC) for opening its representative office at Shenzhen, China. The process of opening the office is underway.

With the opening of the proposed branch at Hong Kong and representative office at Shenzhen, China, the Bank is all set to act as an effective intermediary in the booming trade and commercial linkage between the two Asian giants. In this process, the bank will also be able to increase its foreign business by taking the favourable trade wind in its fold.

The Bank has also intention to upgrade the representative office at Shenzhen to a full-fledged branch in due course.

Publicity Cell
28.04.2006