BOI poised for 25% growth,to open more offices abroad

Kolkata, Jul 18 (UNI) Public sector Bank of India, poised for a 25 per cent growth to Rs 200,000 crores, recently took over a Tanzania based bank as its subsidiary besides, deciding to open at least four more foreign offices this year.

Speaking to newsmen on the sidelines of a FICCI-sponsored banking conclave here today, BOI chairman and managing director M.

Balachandran said they had also financed 120 million dollars to a Chennai based oil exploration company for acquiring some oil rigs in the Netherlands.

He said though the bank had one of the largest presence among Indian PSBs abroad with about 20 branches and 4 representative offices in 14 countries, they had decided to open two more full-fledged branches in Antwerp(Canada) and in Shenzien(China) and 3 rep offices in Doha, Johannesberg and Zambia where the bank had already set up a joint venture with a local bank.

Mr Balachandran said though they had presence in Tanzania, they had decided to take over another bank as its subsidiary to increase its business in west and central Africa where there was a large concentration of NRIs.

On its foray into oil exploration business in foreign soil he said they had only about 27 per cent stake in the 400 million dollar deal for the Chennai-based company. ''We have explored all the avenues of business prospect before investing in oil exploration business.'' To a querry about its plan for augmentation of its capital base to part finance its expansion programme, Mr Balachandran said of the total about Rs 1500 crores they proposed to raise from the market during the current fiscal, at least Rs 500 crores would come as upper tier II capital. The rest was expected to be raised through foreign funds.

He, however, did not elaborate the proposal of raising foreign fund but said, ''we are exploring all options''.

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