New Delhi: Srinagar-based Jammu and Kashmir Bank is keen to cross borders to set up branches in Pakistan Occupied Kashmir (PoK), Pakistan and Central Asian countries.
"We will approach Reserve Bank for permission to revive the two old branches we had at Mirpur and Muzzafarabad," J&K Bank chairman Haseeb A Drabu said.
With relations between India and Pakistan improving, he said the bank is keen to tap growing business opportunities.
However, the permission to open bank branches is contingent on how many bank branches India and Pakistan allow in each other country.
"We also want to set up a branch network in Central Asian countries like Uzbekistan and Kazakhstan," Drabu said.
He said the bank may enter through branch or subsidiary route depending on the regulations of each country and even may consider setting up a joint venture with another Indian bank for the Central Asian foray.
The bank has 517 branches, out of which 60 per cent are in the state of Jammu and Kashmir while the rest are spread over the country.
The private bank, in which the J&K government holds 53 per cent stake, made a net profit of Rs 177 crore in 2005-06.
Deposits stood at Rs 23,484 crore while advances at Rs 14,483 crore as of March, 2006.
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