New Delhi: Indian public sector lender Allahabad Bank is looking at reviving its $500 million overseas bond sale plan, following the surge in its business in Hong Kong, The Economic Times reported Friday citing the bank's Chairman J P Dua.
"We need long-term resources for the growing overseas business and to bridge asset-liability mismatches," Dua told the paper, adding that the plan will be discussed in the bank's next board meet.
The bank's Hong Kong business, which has been expanding due to the city's rise in trade with China, grew 62% to surpass the $1 billion-mark in the last financial year 2011-12, he said.
Recently another state-run banks, IDBI Bank and Indian Overseas Bank also announced plans to raise funds from the overseas market in the current fiscal.
Allahabad Bank's shares Friday ended at Rs 148 on the Bombay Stock Exchange (BSE), down 2.66% from the previous close.