OBC to open offices in Hong Kong,Africa

State-run Oriental Bank of Commerce plans to open more offices overseas.

State-run Oriental Bank of Commerce plans to open more offices overseas,preferably in Hong Kong,as part its efforts to expand global footprint.

“The bank is in the process of seeking RBI permission for more overseas offices preferably in Hong Kong,” OBC Executive Director S C Sinha said.

A full-service branch in Hong Kong provides tremendous business opportunity in terms of trade financing to Indian corporates,he said.

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Besides,the bank is also exploring opportunity in Africa,where Bank of Baroda and State Bank of India have strong presence,he said.

The bank is exploring location for setting up its operation in countries which have good business potential.

The city-based bank opened a representative branch in Dubai on March 30 this year. With this,the bank got overseas presence first time after being established in Lahore in 1943,he said.

The bank also plans to recruit over 1,500 staff during the current fiscal at various levels,Sinha said,adding that the bank had recruited 1,427 personnel in various cadre during last fiscal.

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“The bank intends to recruit more than 1,550 personnel,including 100 marketing managers and 83 agriculture officers and some specialist officers during 2009-10,” he said.

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Oriental Bank of Commerce

Trump preparing to visit South Korea in October, may meet China’s Xi Jinping: Report

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US President Donald Trump and his top advisers are planning to attend the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea in October. Trump may also meet with Chinese President Xi Jinping on the sidelines, as well as potentially using the summit as an opportunity to meet with North Korean leader Kim Jong Un. The visit is still being discussed, with a focus on economic collaboration.

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