Canara Bank on 19 December 2013 announced that it has received a license from the Board of Governors of the US Federal Reserve System to open a branch in New York. Canara Bank wants to expand its global presence.
RK Dubey, the Chairman and Managing Director of the bank said that the Board of Governors of the Federal System of US approved the proposal of the bank to open a branch in New York. The license was announced on 13 December 2013. The approval came in 20 months after the bank filed its application. This is the first time that an Indian bank has secured an approval of the US regulators.
About Canara Bank
Canara Bank was founded by Ammembal Subba Rao Pai in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. It was nationalized in the year 1969. In June 2006, the Bank completed a century of operation in the Indian banking industry. Today, Canara Bank occupies a premier position in the comity of Indian banks.
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