BOI to open more branches abroad

Kochi, Feb 13 (UNI) In its bid to expand its global footprint, Bank of India (BOI) is planning to open branches and subsidiaries abroad.

Speaking to newspersons here today, BOI Chairman and Managing Director M Balachandran said the bank would soon open branches in the UAE, Belgium, Qatar, Bangladesh and South Africa and subsidiaries in Tanzania and Canada to expand its international operation.

The Bank already had presence in 12 countries, including the US, UK, France, Kenya, Japan, Singapore, Hong Kong, China, Vietnam, Indonesia and Cayman Islands.

Mr Balachandran said the bank entered into an agreement with Dai-Ichi Mutual Life Insurance to set up a joint venture life insurance company.

It had also finalised the acquisition of 76 per cent stake in P T Bank Swadeshi TbK, a listed bank in Indonesia.

BOI would soon launch the unique 'Pension Delivery at Doorstep' scheme in Kerala in a month.

Under the scheme, pension will be delivered at the pensioners' residence through the Department of Posts.

To expand its operations in the state, the Bank would open six branches in the next two years, he noted.

UNI