Public sector lender, Allahabad Bank is planning to come up with branches in China, Hong Kong and Bangladesh. The bank aims at expanding overseas business by as much as three times in the coming two years.

"We have approached Reserve Bank of India (RBI) for licence to open bran¬ches at Shanghai, and Dhaka," JP Dua chairman and managing director of Allahabad Bank said.

The bank has put aside around $35 million (around Rs 160 crore) for investing in the new branches.

The country wise division of money is such that the bank has allotted $30 million for China (Shanghai) and $5 million for Bangladesh (Dhaka).

"Our overseas business is around Rs 1,200 crore, which will be increased by three times over the next two years, by the time all the new branches would kick start and the main focus will be on trade finance and external commercial borrowings ECBs)," Dua said.