Public sector lender, Central Bank of India is planning to focus its overseas expansion project in the UAE. The bank is celebrating its centenary year (dec 21) in 2011.

The bank plans to set up a representative office in UAE and set up a branch at Dubai International Financial Centre (DIFC), an offshore financial district.

"Foraying into the Gulf region is a part of the bank's overseas expansion plan that will see the sleeping giant embarking on an aggressive growth swing after a period of stagnation," Central Bank of India Executive Director Rajeev Kishore Dubey said.

"The Gulf offers immense potential as there is big demand for our services from the NRI population. The region is also a good market for remittance," Dubey said.

He affirmed that the bank had been dormant for the last 15 years.

"We have now adopted a new business model to drive our growth further in the coming decade," he said.

The bank had doubled its profit in fiscal 2009-10 to Rs10 billion, its "best-ever-year on all parameters".

"This year, we will see profit growing to Rs 1,500 crore, up 50 per cent," Dubey added.