According to the Economic Times, the new branch will be opened during this fiscal year and will offer all banking services, including deposit acceptance, lending to trade, corporate, treasury and overseas business.
Following this approval, the number of licensed banks in Hong Kong has now increased to 142.
The Economic Times also revealed that, earlier in 2007, the Indian bank received approval to establish an office in Abu Dhabi, which is scheduled for launch in December 2007, while in May 2007, the group opened its first representative office in Shanghai, China.
