Mangalore-based Corporation Bank has opened a local representative office in Hong Kong to boost the Indian bank's business with commercial partners in the former British colony.

One of the office's functions will be to encourage the use of the bank's trade finance services under import letters of credit (L/Cs) established by the bank's branches in India.

L/C promotion

The Hong Kong representative office will work for Corporation Bank by deepening the Corporation Bank's business contacts and promoting its services in the local market.

This includes sourcing new business for the bank's branches in India and arranging buyer's lines of credit and short-term credits under import L/Cs established by the bank's branches in India, according to a statement issued by the bank.

Additional services

The Hong Kong office will also provide information to its clients in India on economic developments in Hong Kong.

In addition, it will provide information on the Indian commercial environment to parties in Hong Kong interested in trade and investment in India.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.