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Thursday, April 13, 2006

UTI Bank opens branch in Singapore

UTI Bank started its international operations with its first overseas branch in Singapore.

The branch would offer corporate banking and trade finance products, syndication and investment banking and liability businesses, said a press release. The bank also has approvals for representative offices in the UAE, China and full service branches in Sri Lanka and Hong Kong and an offshore in Dubai.

The press release quoted Dr P.J. Nayak, Chairman and Managing Director, UTI Bank, as saying, "There is a considerable opportunity for Indian companies to raise money overseas and our presence in Singapore would act as an anchor point for them."

Other Indian banks that have branches in Singapore are ICICI Bank, State Bank of India and Bank of India.

Bank of Baroda is likely to start its overseas business unit within a couple of months.

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