Canara Bank which is 73% owned by Government of India is the 3rd largest public sector bank in India (in terms of domestic business), with a total business of over $100bn and asset size of over $67bn, as of 31 December 2010.
With over 38 million customers and a network of over 3200 branches, including branches in UK, Hong Kong and China, the bank has operations in variety of sectors including asset management, venture capital, factoring, insurance, software development, housing finance, stock broking, financial services and consultancy.
"The CBB is delighted to welcome Canara Bank to Bahrain’s pre-eminent and well-diversified financial centre" said Mr. Ahmed Al Bassam, Director of Licensing & Policy at the CBB.
Canara Bank chairman & managing director S Raman said, as a part of the bank overseas expansion plans, the bank intends to tap the potential of prominent overseas centers.
"Bahrain being a leading financial centre in the Middle East, Canara Bank feels proud to open its branch in Bahrain which will be its first branch in the Middle East and would act as Regional Hub for enabling trade with other Gulf countries by clients of the Bank," Raman said.
