BoI plans branches in Qatar, UAE
Thiruvananthapuram, June 17: Bank of India (BoI), which is celebrating its centenary year, is planning to spread its wings by opening several new branches, including in Doha (Qatar), Dubai (UAE), Indonesia and South Africa.
M. Balachandran, chairperson and managing director of the bank, said he would be leaving for Qatar for discussions with the Central Bank officials in the country.
"We have got the sanction from the Reserve Bank of India and the central government. Once Qatar gives us the green signal, we will open a full fledged branch there," Balachandran told reporters.
He said his bank would also open a new office at the Dubai International Financial Centre.
"As the rules in United Arab Emirates (UAE) are different, we will have just a representative office in Dubai."
He also said the bank would strengthen its Chinese operations and open branches in Indonesia, a subsidiary in Tanzania and also in South Africa.
"We are working on the takeover of a bank in East Asia and this is expected to happen in a month's time," said Balachandran, declining to give further details.
The bank's centenary goals include taking total business to Rs.2 trillion and achieving net profit of Rs.10 billion.
It has 23 branches in 14 countries and was the first Indian bank to begin overseas operations in Britain, France and Japan.