OBC to make presence in overseas
By Vaibhav Aggarwal
Feb 25, 2009
Print    Email    RSS   

Public sector, Oriental Bank of Commerce (OBC) decides to make its presence overseas and therefore plans to set up a representative office in UAE by the end of March 2009.

OBC's Executive Director, Mr S C Sinha said, "We would be opening the representative office in Dubai by March." This is the first office of the bank that will be set outside India after its establishment in Lahore in 1943.

Mr Sinha further informed that the bank has already received regulatory approval from both the countries for the setting up the office.

Presently the bank has a network of 1,464 branches spread across the nation. It has a business turnover of 1,60,000 crore and it target to increase this business to Rs 2 lakh crore by March 2010.

The bank was asked whether it required government aid to meet the regulatory credit requirement. To this Mr Sinha replied that his bank has already maintained a capital adequacy ratio of over 12% and therefore they do not need an additional capital for this year.

Recently OBC has raised Rs 500 crore from Tier II bonds in order to meet the credit growth. However there is still a head room of about Rs 4,600 crore and this would enable the bank to meet the requirement without taking funds from the government's recapitalization plan.

OBC is also likely to get a dose of capital infusion by the government so as to maintain their capital adequacy ratio (CAR) at above 12%.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Personal Loan Vs. Cash advance from credit...
Carnival of Indian Personal Finance Blogs #2
Consolidation good for creating healthier...
This is how a bank lends money
Pros and Cons of Personal loans

HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive