Corporation Bank sets up representative office in Hong Kong

Corporation Bank today announced the opening of a representative office in Hong Kong, its second overseas office in over two years, the bank said in a filing with the Bombay Stock Exchange.

State-owned Corporation bank set up its first representative office in Dubai last year.

Corporation Bank is primarily engaged in providing banking and other financial services to corporate and private customers.

The bank had, last month, announced a 34.30 per cent rise in its net profit for the third quarter ended 31 December 2008, at Rs256.47 crore, from Rs190.90 crore for the same period last fiscal.

Net profit for the nine months ended 31 December 2008 rose 19.44 per cent to Rs632.28 crore from Rs529.39 crore in the same period in the previous fiscal.

Operating profit for the third quarter went up by 61.90 per cent to Rs449.40 crore from Rs277.55 crore in the same period a year ago. Operating income for the nine-month period jumped 32.61 per cent to Rs4,974.93 crore from Rs3,751.59 crore in the year before.

The bank is planning to open 700 branches over the next five years.