Allahabad Bank Opens Its First Overseas Branch At Hong Kong

Allahabad Bank has announced that on February 26, 2007 the Bank has opened its first overseas branch in Hong Kong marking another step in the growing relationship between the worlds fastest growing economic powerhouses, China and India. Looking at the opportunities abound, the Bank, Indias oldest joint stock bank has chosen Hong Kong for its first overseas branch.The leading public sector hank, which is currently 55.23% held by the Government of India, opened a branch at the Lippo Centre on February 26th to serve retail and corporate clients. The occasion was graced by the presence of Mr. T Y Chan, Head Of Banking Supervision, Hong Kong Monetary Authority (HKMA) and Mr. B K Gupta, Consul General of India.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.