A recent press report said that Bank of India (New Zealand), a wholly-owned subsidiary of Bank of India was launched in New Zealand.
The subsidiary was inaugurated by Dr. Alan Bollard, Governor, Reserve Bank of New Zealand. Mr. Alok Misra, Chairman and Managing Director of the bank said that the bank has planned to offer its clients a full range of retail products, including savings and current accounts, cards, term and call deposits, mortgages and international funds transfer. The bank will also offer financial assistance to corporates.
With its entry into New Zealand, BoI has expanded its presence to 19 overseas countries. Almost 20 per cent of the bank’s business comes from its overseas operations.
Bank of India is a state-owned commercial bank with headquarters in Mumbai. It is India’s 4th largest bank, after State Bank of India, Punjab National Bank and Bank of Baroda. It has 3415 branches, including 29 branches outside India. BoI is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial processing and communication services. The Bank completed its first one hundred years of operations on 7 September 2006. It offers Personal Loan, Home loans, Agriculture & Priority Sector loan, SME loans, Commercial Loans, NRI Loans etc.