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Canara Bank announces expansion plans

Canara Bank has received licences from the RBI to open 106 new branches, along with permission to set up 683 offsite ATMs. The bank currently has 810 ATMs and has over 2,540 branches, largely concentrated in the south. The new branches would mostly be opened in the northern and western part of the country.

The bank also plans to open 20 overseas branches or representative offices in North Amercia and South East Asia. The bank has a branch in London, a subsidiary in Hong Kong (Indo Hong Kong International Finance), a joint venture with State Bank of India (SBI) in Moscow (Commercial Bank of India) and a representative office in Shanghai.

The bank expects to soon finalise a joint venture partner for Canbank Investment Management Services, its asset management subsidiary and the proposed life insurance venture.

Bank has recently set a new benchmark securing the finest pricing by an Indian financial institution in the global debt market. Its first international fund raising foray, has been oversubscribed five times to the tune of USD 1.30 billion

Canara Bank is the third largest bank in India in terms of total deposits and advances and fourth largest in terms of assets size with over 27 Million customers.

Canara Bank secures $1.3 billion in the global debt market

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