Indian state-owned Dena Bank announces that its first overseas office will be in London.

Dena Bank, the Indian state-owned bank, has announced plans to open its first overseas branch in London by the end of December 2013, local media reveal.

The bank has reportedly received a go-ahead from the Reserve Bank of India and the government to open a representative branch abroad. It will function as a full-service branch after a year and may open in Hong Kong, Nairobi and Johannesburg next. 

Dena Bank was unavailable for comment as of this publication. 

The decision to expand offshore comes as the economic slowdown continues to take its toll on markets. Dena has already lowered its loan growth target for 2013 from 18 per cent to 15 to 16 per cent in response.