Bank Of India to open offices in Doha, Dubai and Beijing

By Staff
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Google Oneindia News

Kochi, May 9: Seeking to increase its overseas presence, the Bank of India will be opening offices shortly in Doha and Dubai and a representative office in Beijing this month, Bank Zonal Manager (Kerala) Babu Mathew said today.

Addressing a press conference here, Mr Mathew said that the bank would also upgrade its Shenzen office in China to a branch in July this year. Another branch in Antewerp (Belgium) and a wholly owned subsidiary at Dar-e-Salam in Tanzania would be opened by September.

Spreading its wings in the SAARC nations, the bank was looking at opening a branch in Karachi in Pakistan. It also intended to spread its presence in Johannesburg, Africa and Europe besides moving into Indonesia.

Stating that this overseas expansion was meant primarily for the benefit of NRIs, Mr Mathew said the Bank of India had registered an increase of 20 per cent in NRI deposits last year and was targeting a growth of 35 per cent this year.

He said the global desposits of the bank, which is celebrating its centenary this year, had reached Rs 93,932 crore while global advances had grown to Rs 66,662 crore.

Beefing up its fast track remittance centres, the bank had provided money transfer facilities in collaboration with Western Union at several of its branches.

During the last financial year, the bank's net profit had surged by 106.28 per cent, touching Rs 701.44 crore. The NPAs had come down to 1.49 per cent from 2.80 per cent.

The bank was gearing up to make major strides in its centenary year, targeting a business level of Rs 200,000 crore at the corporate level. In Kerala, the bank planned to reach a business level of Rs 2,500 crore from the present level of Rs 1700 crore.

UNI

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