Government owned, Corporation Bank has decided to spread its wings overseas by opening a Representative Office in Dubai on September 22nd, 2008. This is the first branch of the bank outside India. Chairman and Managing Director of Corporation Bank, B. Sambamurthy, H.E Saeed Abdullah Al-Hamiz of Central Bank of the UAE and Venu Rajamany, Consul General of India inaugurated the office in the second floor of Torondo building, in Bur Dubai. Nagaraj Shetty, who has headed several branches of Corporation Bank in Mangalore, will head this new office. The office will represent Corporation Bank by providing contacts with Bank's customers, correspondent Banks, Corporate and Indian expatriates as well as promoting its services in the local markets. The representative office will provide its customers with banking, financial and consultation services along with marketing Bank's retail products. The representative office will market the products and services to NRIs, Joint Ventures and Corporates in UAE. Corporation Bank is going to connect this branch to its operations in India - by providing information regarding business opportunities to customers in India and promoting investments in UAE. Also the representative office will broadcast information in Dubai to parties that seek to do business in India. Corporation Bank, the oldest banking institution in the erstwhile undivided Dakshina Kannada District of Karnataka and one of the oldest banks in India, was founded in 1906. The Bank is a Public Sector Unit with 57.17% of Share Capital held by the Government of India. The bank has proved its versatility by growing steadily with time and offering vast, varied and versatile services with a personal touch. Over the years bank has earned a place of pride in the Banking Community due to its good customer service, pre-eminent track record in house keeping, adherence to Prudential Accounting norms, consistent profitability and adoption of modern technology for betterment of customer service. It has a countrywide presence with over 2000 Service outlets in India, over 1000 branches and 1000 ATMs- with large presence in the States of Kerala, Goa, Karnataka, Gujarat and Maharastra. It is the first bank to start Gold Banking, M-Commerce, Electronic Funds Transfer through ATMs and Online approvals for education loan for professional courses. During the year 2007-08, the Bank recorded an all time high profit of Rs 7.3 billion and paid a dividend of 105 percent. |
