Canara Bank to raise $1 b this month

Canara Bank plans to raise up to $1 billion (about Rs 5,487 crore) through bonds this month from the overseas market to fund global business expansion.

“We are planning to raise $750 million to $1 billion through medium-term note (MTN) programme this month,” Canara Bank CMD R K Dubey said.

The funds raised would be utilised for growth of overseas business of the bank, he said.
Currently, the bank has five overseas branches at London, Leicester, Shanghai, Manama and Hong Kong. As part of its global expansion plan, the bank intends to open branches at 9 nine overseas destinations.

Tthe bank has already got licence for opening a branch at Johannesburg in South Africa.