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Indian Bank Plans To Expand Overseas Operations

Indian Bank is planning to expand its overseas operations by foraying into new markets. The BSE listed bank is also looking to utilize technology and business process re-engineering to rationalise the strength in various offices and branches.

As part of its plans, Indian Bank intends to open a branch in Sri Lanka’s industrial town Kandy and re-open branch in Jafna by September 2010, reported The Economic Times.

Besides expanding the business of Singapore branch, the India-based public sector bank is also mulling to open a branch in Maldives and a representative office in Jakarta in Indonesia.

TM Bhasin, CMD of Indian Bank, said that the bank is keen to bolster its merchant banking subsidiary and to re-enter mutual business, which it sold to Tatas during difficult times.

Mr Bhasin said: “We will focus on people, process and technology (PPT). We want to make full use of information technology and business process re-engineering to rationalise the strength in various offices and branches. They will be re-deployed in new branches,” according to the source.