Public sector lender, Allahabad Bank is planning to expand deeper into the offshore market. The bank plans to set up branches in four countries namely China, Hong Kong, Singapore and Bangladesh.

"We have approached the regulator Reserve Bank of India for approval to set up a branch in Shanghai, China and Singapore ," Allahabad Bank chairman and managing director J P Dua.

The bank currently has one overseas branch in Hong Kong which has delivered net profits last fiscal. Operational profits have been accounted by the branch since the last two years.

Also, the bank has a representative office in Shenzhen, China which it aims to convert to a full fledged branch.

The overseas business of the bank from them accounts to Rs 1200 crore.

Speaking about domestic expansion, Dua said that the bank plans to set up 40 more branches in the upcoming three months.