Corporation Bank plans office in Dubai

Corporation Bank, one of the leading public sector banks in India, plans to open a representative office in Dubai as part of its first overseas foray.

The bank will also explore possibilities at Dubai International Financial Centre, said the bank B Sambamurthy, chairman and managing director who was in the UAE for talks with Central Bank officials.

He said the bank has obtained Reserve Bank's permission for its overseas expansion.  "In six months, we hope to set up a representative office in Dubai," he was quoted by Khaleej Times as saying.

The bank also signed agreements with UAE-based Al Ansari Exchange and Wall Street Exchange to offer remittance and other services. In Qatar and Oman, it has undertaken management of two exchange houses.