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BoI
to ramp up overseas operations
Our
Banking Bureau
15 October 2005
 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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