Date:31/01/2008 URL: http://www.thehindubusinessline.com/2008/01/31/stories/2008013152370100.htm

Back Andhra Bank to open its office in New Jersey

Dr K. Ramakrishnan

Our Bureau

Hyderabad, Jan. 30

Andhra Bank will be going global by opening a representative office in New Jersey, US. The Hyderabad-based bank is currently finalising the location of its office in Jersey City, Dr K. Ramakrishnan, Chairman and Managing Director, Andhra Bank, told Business Line.

“We have received permission from the New Jersey State Administration for opening our office there and they wanted us to open it at the earliest,” Dr Ramakrishanan said on Wednesday.

A team of Andhra Bank officials would zero in on a location on a war-footing and the bank would start its foreign operations “very soon,” he said.

A foothold in New Jersey is strategic for the 83-year-old bank as it has a large number of non-resident Indians from Andhra Pradesh. “When we are scouting for the first office in the US, we felt that the State would be an ideal location as Andhra Bank has been a household name among many NRIs there,” Mr Ramakrishnan explained. The bank also plans to expand to other parts of the US from New Jersey.

The bank, with a total business of Rs 75,225 crore, is also eying other countries including in the Gulf and is currently awaiting approval from Saudi Arabian authorities.