Canara Bank will be opening its branch in the East Midlands town of Leicester in the month of March, and will become the sixth major Indian bank to open a branch there. Leicester has a large population of Indian origin and has close business links with India.
The local business leaders staying in Leicester have welcomed bank’s decision of opening a branch as this will create 11 jobs.
In Leicester Canara Bank will be opening its first branch outside London.
In the town few of the Indian banks already have branches which include Punjab National Bank, ICICI, Bank of India, Bank of Baroda and the State Bank of India.
To grant a suitable location for Canara Bank branch a thorough research was done by the local economic development agency Prospect Leicestershire with East Midlands Development Agency (Emda) and the East Midlands India Business Bureau.
Nick Carter, chairman of Prospect Leicestershire, said: "It is very exciting that a significant international banking operation has chosen Leicester as the place to be."
He added, "This provides further evidence of the growing trade between Leicestershire and India and will give confidence to businesses to develop trade and investment opportunities".