UTI Bank opens Shanghai arm

UTI Bank, has opened its representative office in Shanghai, China, where it will primarily engage in facilitating and promoting trade-related services between the bank's branches in India and commercial entities in China.

The Shanghai office will also advise the bank's customers about trade-related opportunities with China, a release issued in Mumbai on Monday said.

Speaking on the occasion, the bank's CMD P J Nayak, said, "This extends our presence in international markets, as a response to the growing globalisation of the Indian economy. Our presence in Shanghai will create opportunities for the bank in the domain of trade finance and investment advisory."

UTI Bank had, earlier, opened a branch in Singapore.

Presently, the bank has 462 branches and extension counters and 1,960 ATMs across India with a presence in over 264 cities and towns, the release added.

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