Date:03/01/2006 URL: http://www.thehindubusinessline.com/2006/01/03/stories/2006010302600600.htm

Back Corpn Bank awaits Dubai Govt nod to open branch

Our Bureau

Coimbatore , Jan. 2

CORPORATION Bank is ready to open a branch in Dubai and is awaiting the clearance of the Dubai Government, the bank's Executive Director, Mr. K. L. Gopalakrishna, told reporters in Tirupur.

The bank has tied up with eight exchange houses. Hong Kong would be the next destination, he said.

Mr Gopalakrishna was in Tirupur in connection with the exporters' meet organised by the bank.

On performance, he said the bank hoped to achieve business target of Rs 55,000 crore this fiscal. All the branches, including rural ones, would be brought under the CBS (Core-Banking Solution) platform in the next four-six months. ABout 534 branches, of the total of 800, have been brought under the CBS.

The bank has a sizeable presence in the rural pockets in the South. To accelerate the flow of credit in the micro-finance segment, Corporation Bank has tied up with institutions such as Shree Kshetra Dharmasthala Rural Development Project, Dhan Foundation and Share Microfin Ltd.