Canara Bank which is 73% owned by Government of India is the third largest public sector bank in India, in terms of domestic business, with a total business turnover of over $100 billion and asset size of over $67 billion, as of 31st December 2010.
With over 38 million customers and a network of over 3200 branches, including branches in UK, Hong Kong and China, the Bank is a financial super market in India having operations in variety of sectors including asset management, venture capital, factoring, insurance, software development, housing finance, stock broking, financial services and consultancy.
“The CBB is delighted to welcome Canara Bank to Bahrain’s pre-eminent and well-diversified financial centre” said Ahmed Al Bassam, Director of Licensing and Policy at the CBB.
The countries of the Arabian Gulf and the Subcontinent are expected to experience a renewed economic growth and a presence in this market will, without doubt, strengthen Canara Bank’s business not only in this region but in the wider Middle East as well and will further strengthen the historical trade relationship between the two regions.
“As part of the Bank overseas expansion plans, the Bank intends to tap the potential of prominent overseas centers. Bahrain being a leading financial centre in the Middle East, Canara Bank feels proud to open its Branch in Bahrain which will be its first branch in the Middle East and would act as Regional Hub for enabling trade with other Gulf countries by clients of the Bank,” S Raman, Chairman and Managing Director of the Bank.
“While thanking the Central Bank of Bahrain for giving license to Canara Bank to operate as wholesale banking branch, looks forward to contribute to growth of Kingdom of Bahrain and feels that through its branch in Bahrain, Canara Bank will act as catalyst to promote and facilitate further strengthening of trade and exchange of financial services between India and Bahrain,” he added.