BoI opens branch at Shenzhen in China

Mumbai, Mar 29 (UNI) Bank of India (BoI) today opened its branch at Shenzhen in People's Republic of China (PRC).

The branch was inaugurated by Union Finance Minister P Chidambaram, in the presence of Indian Ambassador to China Nirupama Rao, and Shenzhen Mayor Zu Zong Heng, a bank release said here today.

BoI's international operations include 22 branches and 3 representative offices in 13 countries. Its international operations contribute around 20 per cent of bank's total business and 32 per cent of total net profit.

BoI had established a representative office at Shenzhen back on January 20, 2003. In view of the rising trade in the city, the bank has taken a decision to upgrade it as a full-fledged branch.

The city leads the nation in the density of banks, securities companies, insurance firms and the number of foreign financial institutions. BoI also has a representative office in Beijing.

The bank offers a host of products and services like foreign currency loan syndications (multiple currencies), global trade finance, external commercial borrowings, e-remittances, structured products and advisory services to its clientele.

UNI