Oriental Bank of Commerce along with Bank of Baroda and Bank of Maharashtra is to form a joint venture in Malaysia, for which they are awaiting Reserve Bank's nod.
The Delhi-based bank also plans to open 20 more branches in the country as part of its plans to increase business by 33 per cent to Rs 1,00,000 crore (Rs 1000 billion) this fiscal, OBC chairman K N Prithviraj said after inaugurating the bank's first 'Retail Shoppe' in New Delhi on Monday.
OBC targets to increase loan advances to Rs 37,000 crore (Rs 370 billion) this fiscal from Rs 27,000 crore (Rs 270 billion) last fiscal by focusing on the retail segment. Prithviraj said the bank would open more Retail Shoppe as part of its efforts to push up retail loans.
The bank also aims at pushing up deposits to Rs 63,000 crore (Rs 630 billion) from Rs 47,000 crore (Rs 470 billion) in 2004-05.
Of the total business, the erstwhile Global Trust Bank unit would contribute Rs 14,000 crore (Rs 140 billion). OBC had taken over ailing GTB last year and taken a hit on its profits.
However, the GTB unit is expected to become profitable this fiscal onwards and push up the overall profits of OBC.
While consolidating its domestic operations, OBC is now eyeing foreign shores to increase its business and become a "global bank".
OBC has roped in BoB and BoM to float a banking arm in Malaysia, Prithviraj said.
The three banks have applied to RBI and are waiting for its permission, he said, adding OBC board of directors have approved the proposal already.
