BoI To Set Up Representative Office In China

Mumbai, December 23: | Updated: Dec 24 2002, 05:30am hrs
Bank of India (BoI) on Monday said it will be opening a representative office at Shenzen, China, tentatively on January 20, 2003 and has prepared a blueprint for business expansion in other countries.

BoI also proposes to open a representative office in Ho Chi Minh City, Vietnam, for which the bank has received approval from the Reserve Bank of India (RBI). BoI has also applied to the State Bank of Vietnam (central bank of that country) for the necessary permission, the bank said.

BoI has received approval from its board on Dec 16, 02 to open two new branches in Nairobi and has approached RBI for necessary permission.

The process of merging Bank of India Finance Kenya Ltd, a 100 per cent-owned subsidiary of BoI with operations of Bank of India, Kenya may be completed by Dec 31, 2002.