Bank of India projects 20-25 % growth to Rs 18,000 cr in 2006-07

New Delhi, May 12 (UNI) Bank of India has said its corporate credit portfolio is expected to grow at a rate of 20-25 per cent to Rs 18,000 crore in 2006-07, with a majority 35-40 per cent growth coming from retail credit.

''Our credit portfolio from the overall corporate branches stands at Rs 15,000 crore as of today, and we plan to grow 20-25 per cent this year,'' Bank of India CMD M Balachandran told reporters here yesterday.

The bank is expecting an overall domestic growth of 23 per cent, a 35-40 per cent growth from its retail credit, 30 per cent from agriculture and 15 per cent from SMEs in 2006-07.

Asked about the domestic and overseas expansion plans, Mr Ramachandran said, ''In Phase-I, we had plans of setting up 750 branches globally by March 2007, but we would be completing that phase by September 2006. The second phase would entail setting up of 150 branches by December 2007. This in total would cover around 900 branches covering 85 per cent of our total business.'' The Bank is in the process of opening its representative office in Beijing in China in May, 2006, and is also upgrading its Shenzen representative office to a branch by July 2006.

Asked how the expansion to China would benifit the operations of the bank, Mr Balachandran said, ''The growing trade between India and China will help us source business from the latter through our office in Beijing. The increasing business exchange between the two countries will help us to identify processes.'' Earlier, the two branches in Hong Kong were handling the business in China.

A branch in Antwerp and a wholly-owned subsidiary in Tanzania will be set up by September 2006.

UNI RA CS GC1035