Allahabad Bank to close lone foreign branch in Hong Kong

State-owned Allahabad Bank today said it proposes to close its only foreign branch in Hong Kong as part of rationalisation of its overseas operations.

In compliance with the government's directives under PSBs' reform agenda, the bank has initiated various steps, Allahabad Bank said in a filing to stock exchanges.

"As a part of its said initiatives and having regard to the agenda for rationalization of Bank's overseas operations, the Bank proposes to close its Hong Kong Branch," it said.

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