Mansa, Punjab: PSU lender Allahabad Bank today said it is planning to open branches in New Zealand and Australia in order to cater to the Non-Resident Indians (NRIs) population in these countries.
“We have plans to have presence in Australia and New Zealand but it would take some time to get its realized,” Allahabad Bank Chairman and Managing Director A. C. Mahajan told PTI.
The bank has already opened a branch in Hong Kong and a representative office in China this year.
The bank was hopeful of achieving a 23% rise in its business volume at Rs1,25,000 crore by the end of 2007-08 as against Rs1,01,458 crore in 2006-07, Mahajan said here after opening the bank’s branch in Mansa here, 140 km away from Ludhiana.
As part of its expansion plans in northern India, the Bank today announced plans to open 30 more branches in Punjab, projecting a business growth of over 25% from the state by the end of this fiscal.
“We would like to consolidate our business position in Punjab by opening at least 30 branches in rural and remote areas in the state in order to capture more growth from the agricultural sector,” he said.
“In Punjab, out of total advances of Rs1,300 crore disbursed, the advances to agriculture stand at Rs400 crore which signify substantial growth and we would like to achieve a growth of 25% only from Punjab,” he informed.
The bank is planning to open 30 more branches in the state this fiscal.
Besides Punjab, the bank plans to open 163 branches across the country.