Central Bank of India plan eyes overseas expansion

Public sector Central Bank of India said it is planning overseas expansion with an aim to have a strong presence in various geographies. "We have applied for approval from Reserve Bank for operations in Bhutan, Sri Lanka, Nairobi and also in Dubai", the bank Chairman and Managing Director S Sridhar, who
would retire on May 31 said.

Stating that the Bank would look for a joint venture partnership with a local company having a strong presence, he said, "in Mozambique we have a tie-up with a company which is a conglomerate. They are present in many sectors. For setting up the bank (in that country), they will have 24% stake while we will have the majority 76% stake". 

The joint venture in Mozambique will require a capital expenditure of USD 10 million, he said. He added that many companies looking to enter Mozambique
because of its rich natural resources.

Also, the bank would be adding the "online trading" facility on its website. Central Bank of India reported a 22.43% decline in its net profit at Rs 132.7 crore for the fourth quarter ended March 31. It had a net profit of Rs 171.06 crore in the year-ago period.