Thursday, June 30 2005 17:28 Hrs (IST) - World Time -

Bangalore: Canara Bank, celebrating centenary year, is eyeing operations in South Africa, North America and the Middle East as part of its overseas expansion plans, its Chairman and Managing Director M B N Rao said today (Jun 30, 2005). Rao told reporters in Bangalore that entry into these regions could be through organic or inorganic routes. The bank would go in for acquisition if it comes across 'attractive proposition', he added.

The bank currently jointly owns a bank in Russia and it has a branch in London. Rao said the bank's operations in Hong Kong and representative office in China would be converted into branches.

The bank planned to raise a tier-II capital of Rs 400 crore to Rs 500 crore in the current financial year, he said.

The bank has earmarked Rs 20 crore for year long centenary celebrations, to be flagged off tomorrow (July 1, 2005) by Union Finance Minister P Chidambaram, during which it is planning to improve infrastructure facilities in 23 villages of 23 lead districts in the country, and construct a block in a hospital here, among other initiatives.

Rao said the bank would launch Canrelax, a product aimed at senior strata of the society, assuring consistent accrual of monthly income, Cantools, a scheme for artisans, and Canproduce, a scheme for improving the income levels of farmers.

From a humble beginning when the bank started its operations in Mangalore 100 years ago with Rs 10,000 deposit, the business level of the bank has now grown to Rs 1,57,300 crore. The bank's market capitalisation is now close to $2 billion, Rao said.