Kolkata, June 10 : The state-run Allahabad Bank has targeted a business growth of 24 percent during the current financial year 2011-12, a top bank official said here Friday.

The bank has also projected a business level of around Rs. 2,80,000 crore as in March 2012, chairman and managing director J. P Dua said in his address at the bank's ninth Annual General Meeting.

The bank plans to increase its presence abroad by opening more overseas branches, Dua said.

Currently, it has an overseas branch at Hong Kong as well as a representative office at Schenzen, China.

To increase the resource base, the bank is planning to issue medium-term note (MTN) of around $500 million, Dua said.

The bank is also looking at opening around 150 branches and 500 Automated Teller Machines (ATMs) in the current financial year, he added. (IANS)