Central Bank of India, owned by the government, is planning to expand and reach out to countries overseas. The bank is currently making plans to obtain licenses for starting operations in countries like Bahrain, Hong Kong and a few places in Africa.

Central Bank of India’s Chairman and Managing Director, S Sridhar, said that the bank was keen on starting operations in Hong Kong and Bahrain. The bank is still deliberating whether they want to open a branch or opt for subsidiaries in those countries. He went on to say that the bank is currently in the process of getting relevant licenses from the RBI for starting operations overseas. He also mentioned that the Central Bank of India is looking to start operations in countries that do not have a lot of Indian banks operating in their region.

The bank was looking at countries like Africa and southern Asian countries. He revealed all this information on Thursday, while speaking during a banking event hosted by FICCI (Federation of Indian Chambers of Commerce and Industry.

In order to ensure they attain a 25% credit growth target set by the bank, they are planning on increasing their Tier- I capital. The bank will have to increase their credit to two thousand five hundred crore rupees not only to reach the target of 25% they have set but also to stay on par the capital adequacy ratio. Mr Sridhar mentioned that the bank was in the process of analyzing how they would amass the funds they are aiming for. In an effort in this direction, the Central Bank of India is in discussions with the government to finalize on a few plans.