Canara Bank has been granted license by the China Banking Regulatory Commission. Last week the commission has granted license to Bank of Baroda. Canara Bank will be converting its representative office in Shanghai, China’s commercial capital into a regular branch.
Canara bank is the fourth Indian bank to get the license from China Banking Regulatory Commission. Previously State Bank of India, Bank of India and Bank of Baroda had obtained license to open branches in China.
According to bank sources it will start its operations in China over the next two or three weeks after obtaining certain other licenses from local authorities for doing business.
Bank sources said it took nearly three years to get a license after it opened a representative office in Shanghai in 2005.