The Hindu Business Line : Corporation Bank gets RBI nod for Dubai office

CORPORATION Bank, which has received the approval from the Reserve Bank of India (RBI) for setting up a representative office in Dubai, is waiting for the permission of the authorities in United Arab Emirates.

Inaugurating the sixth conference of the Corporation Bank Retired Officers' Association in Mangalore on Monday, Mr V.K. Chopra, Chairman and Managing Director of the bank, said that RBI has approved the bank's application to open a representative office at Dubai. "The application is now under the consideration of the local authorities of that country," he said.

The bank has also made an application to RBI to open a representative office at Hong Kong, Mr Chopra said.

Boston Consulting Group, which had submitted a report to the bank on the business process re-engineering, had suggested that the bank venture into other countries.

Based on the consultant's report, the bank is planning to open representative offices in Dubai, Hong Kong, China, US and Antwerp in the next five years, he said.

Mr K.L. Gopalakrishna, Executive Director of the bank, was present on the occasion.

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