Union Bank of India has received the Reserve Bank of India's nod to open branches in Hong Kong and Doha in Qatar. The bank has drawn up plans to invest over $2 million for setting up the Hong Kong branch.
"The bank has just received RBI approval for two new branches. We are actually revising plans for Doha by upgrading to a branch from the earlier proposal of a representative office," Union Bank's chairman and managing director, K Cherian Varghese, told reporters after inaugurating the bank's museum in Mumbai on Wednesday.
Earlier, the bank had received RBI permission to open representative offices in Shanghai and Dubai. "Our bank would adopt the strategy of following customers. Indian corporates are expanding abroad to grow business and also acquire companies," Varghese said.
Union Bank has also received permission from RBI to take up a project for training Pakistani bankers. It has received invitation from The bankers Development Institute in Karachi to design and deliver training on management and banking to professionals in Pakistan.
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