Canara Bank has decided to close its 3 foreign branches – Leicester (UK), Bahrain, and Shanghai – and sell its 50% stake to State Bank of India in Russia as part of restructuring its branches abroad. The bank has 8 foreign branches – at London, Leicester, Hong Kong, Shanghai, Manama, Johannesburg, New York, and DIFC (Dubai) and a representative office in Sharjah, UAE. It also has a wholly-owned subsidiary Canara Bank (Tanzania) at Dar es Salaam in Tanzania and Commercial Indo Bank, a joint venture bank with SBI, at Moscow in Russia. Rakesh Sharma, MD and CEO of the bank, said the bank would ensure continuity in services for customers of branches, which were being closed. The work at Leicester branch will move to London branch, Hong Kong branch will take over the activities of Shanghai branch and operations of Manama (Baharin) will be transferred to Dubai branch, he added.
