Andhra Bank to open office in Dubai

BANGALORE: Andhra Bank is soon going to open its first representative office abroad in Dubai. Speaking to media persons here, the bank’s additional general manager Mathew Joseph said although the bank had already obtained the approval of the Reserve Bank of India and the Central Bank of UAE, the process was delayed due to the passing away of the Dubai ruler.

‘‘Steps are being taken to send trained officials to Dubai to ensure smooth functioning of the office which is expected to be operational by the end of this month,’’ Joseph said.

Andhra Bank, which claims to be the first public sector bank with the lowest net NPA of 0.26 per cent, today announced it is entering the capital market with a follow-on public issue of 85,000,000 equity shares of Rs 10 each for cash at a premium to be decided through the book building process.