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UCO Bank may merge branches in Hong Kong

UCO Bank UCO Bank is planning to merge two of its branches in Hong Kong. The bank’s MD and CEO R.K. Thakkar, said this action is being pursued in the wake of the ban by the Reserve Bank of India on letters of undertaking (LoU). He said the ban has impacted the business of foreign branches and the bank is feeling one branch in Hong Kong would be sufficient to meet the needs of the region. Indian banks have about 17 branches in Hong Kong. Banks with two branches include, Bank of India, Punjab National Bank, Indian Overseas Bank and ICICI Bank, apart from UCO Bank. With almost zero capital required for opening a branch in Hong Kong, Indian banks so long have been upbeat in opening branches in the country.

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