BoI to ramp up overseas operations

By Kochi: | 15 Oct 2005

1

Kochi: The Bank of India intends to upgrade its office in China, and set up a new branch in that country as well. The bank also plans to open new offices in Karachi and Lahore in Pakistan.

However as far as the Pakistan operations are concerned there are a lot of formalities still to be complied with before these branches become a reality, bank officials said.

The bank will also be upgrading its Vietnam office, and will open a new subsidiary in Tanzania and a new branch in Belgium. The bank has substantial exposure in the diamond and jewellery business for which the Belgium office will become a major facilitator. Belgium and New York are the two major hubs for the global diamond business and the bank already has an office in New York, officials said.

Almost 20 per cent of Bank of India's business turnover comes from its international business. The bank has 23 branches and offices abroad, including major centres such as London, New York, Paris, Tokyo, Singapore, Hong Kong, Nairobi, Vietnam, Shenzhan and Jakarta. By extending its global reach, the bank plans to expand its global business.

The corporate plan for the current year envisages operating profits to touch Rs2,000 crore, deposits Rs93,450 crore, advances Rs69,650 crore and net NPAs of less than 1 per cent.

 

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