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BoI
to acquire Indonesia's P T Bank ; set up life insurance
JV with Dai-lchi
Our
Banking Bureau
19 February 2007
 Mumbai:
Bank of India (BoI) will acquire 76 per cent stake
in P T Bank Swadesi Tbk, a listed bank in Indonesia. BoI
has also entered into an arrangement with Dai-Ichi Mutual
Life Insurance Company of Japan and Union Bank of India
for setting up a joint venture life insurance company.
(See: Bank
of India set for significant overseas expansion)
BoI
will have an equity stake of 51 per cent while Dai-Ichi
and Union Bank will hold equity stakes of 26 per cent
and 23 per cent, respectively, M Balachandran, chairman
and managing director of Bank of India, said.
BoI
has entered into a strategic alliance with Union Bank
of India and Infrastructure Development Finance Company
for loan syndication, international business, cash management,
cheque collection and training.
The
bank, meanwhile, has launched an online share-trading
scheme. BoI, as a part of its centenary celebrations,
promoted a trust, "ABHAY", to offer credit-counseling
services, free of cost. The bank has 14 mobile ATMs and
it would shortly open a mobile ATM in Vidarbha, he added.
Bank
of India, Balachandran said, is planning to set up a joint
venture in Zambia. The bank has also received government
permission to open a branch in Dhaka.
At
present, the bank has two outlets in China and it also
is planning to have representative offices in Belgium,
Dubai, Doha, Canada and South Africa, he said.
Bank
of India, a nationalized bank recorded a net profit of
Rs676 crore for the 9-month period ended December 2006
against Rs449 crore as of December 2005.
Announcing
this at a press conference in Bangalore, Balachandran
 said
the bank has recorded an year-to-year growth of 51 per
cent while the operating profit has improved to Rs1,500
crore from Rs1,071 crore in the year-earlier period. The
bank's net interest income rose to Rs2,473 crore from
Rs1,794 crore, he added.
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