Having already received regulatory approval, Canara Bank of India will be making it’s way to South Africa by the end of the year, Ventures Africa reported. The financial entity has plans to establish a branch in Frankfurt Germany in addition to Johannesburg.
“We have received approval from Reserve Bank of India and Central Bank of South Africa to open our first branch in South Africa by December this year,” Shri R K Dubey, chairman and managing director of Canara bank said in the report. “Our officials were in Johannesburg last week to finalise the location and building,”
According to Ventures Africa, Canara Bank plans to have established additional branches on the African continent in Tanzania and Nigeria by March of 2015. Other markets to be penetrated by Canara Bank’s presence include Dubai, Qatar, Sydney, Ontario and others.
Within and close to Bangalore, Karnataka — where the bank is headquartered — Canara has a total of 3,800 branches, according to Ventures Africa. The bank is looking to establish at least 5,000 banks in India, in the next 18 months.
“We have got approval from the Reserve Bank of India to open branches in New York, Tokyo, Nigeria, Tanzania, Brazil and Jeddah and are working on modalities to open them soon,’’ R.K. Dubey said.