According to a recent press report, Bank of India has planned to derive 19 percent of its operation from international continents. Currently, the bank has planned to open four more subsidiaries in the continents such as Uganda, Rwanda, Botswana and Canada.
Mr. N. Seshadri, Executive Director, Bank of India stated that the Bank has opened its subsidiary in New Zealand. It has also planned to open four more subsidiaries in the African and the other upcoming markets because they are of less capital-intensive and will give high returns. He also said that the bank has got an approval from the Reserve Bank of India, and the negotiations between the respective countries and Bank are in phase to get approvals for Opening up the branches.
Reports said that the bank has recently raised amount through the medium – term notes (MTN) for expanding the overseas Balance sheet. The Bank is not fully depending on the MTN as if it is not so conductive. The Bank is in need of capital for expansion so it is examining to adopt the Follow – on Public offer (FPO), but the bank wants to retain its 64 percent shares.
The Bank’s total business for the previous financial year was Rs 515,000 crore. The bank has also planned to increase the branches from 3760 to 4160 during this fiscal. The individual services of the bank include bank deposits, international banking, education loans, home loan, personal loan etc.