Bank of India is all set to spread its arm in the overseas market by adding five branches this year. It will be the first Indian bank to have a branch in China.
NEW DELHI: Bank of India is all set to spread its arm in the overseas market by adding five branches this year. It will be the first Indian bank to have a branch in China.
"The bank is adding five overseas branches by upgrading the representative offices as well as opening branches. Thus, we expect the number of overseas branches to go up from seven to 12 by the end of this fiscal," BoI CMD M Balachandran said.
“We will upgrade its Shenzen office in China to a branch by the end of July, becoming first Indian bank to have branch in China,” he said.
The bank plans to set up a representative office in Beijing, China, in a few months, he said, adding a branch in Antwerp, Belgium, would also be set up by September.
BoI also got approval from the Reserve Bank of India to convert its office in Ho Chi Minh City in Vietnam to a full-fledged branch, which may be done by the next quarter, he said, adding that the bank has plans to expand operations in Indonesia.
The bank has sought government and RBI permission to open a representative office in Pakistan, where it had operations before Partition. “We are also seeking permission for foraying into other SAARC countries,” he said.
The bank has got RBI approval for opening an office in Doha, where it has entered a tie-up with exchange houses to provide facilities to non-resident Indians.
In Africa, the bank will soon open a subsidiary in Tanzania with an initial investment of $10 million, Balachandran said, adding that it plans to set up an office in Johannesburg.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}