Canara Bank expands overseas branch office network

Canara Bank, Bangalore based proposes to increase its network of overseas branch offices. Bank will be shortly opening ten overseas branches and offices. Recently bank has sought the permission from the Reserve Bank of India (RBI) for opening branches in Johannesburg, Frankfurt, Muscat, Manama, Qatar, Leicester, New York, Sao Paulo, Dar-er-Salam and Tokyo.

A bank official notified that these 10 news branches are out of those 21 international financial centers which have been identified for global expansion in the medium term.

During the quarter ended December 31, 2008 Canara Bank had observed increase in business and profits with the net profit increased by 53 per cent to Rs 702 crore as compared to the same quarter in the previous year.

Technical Analyst, E Mathew said that Canara Bank can slip to Rs 155-160 which is next major support for the stock.

On Friday the scrip of Canara Bank had closed at Rs 174, down 15% compared to previous close of Rs 204.