Financial Daily from THE HINDU group of publications
Tuesday, May 10, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 10, 2005 |
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Opinion
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Letters Foreign operations of Bank of India
This refers to the article "SBI gets nod for US expansion" (Business Line, May 2). It has been reported that Bank of India is the only public sector bank to suffer a loss of $14 million from overseas operations. Bank of India's international operations have been profitable. Even during the year March 31, 2004, the operating profit of our overseas operations was of the order of $63.80 million perhaps the highest amongst all the peer public sector banks operating abroad. The eventual loss, was on account of an old extraordinary item of $82-million claim awarded to the liquidators of BCCI. This claim also has been appealed against by the bank and the matter is sub judice. Our 20 foreign branches and three representative offices are operating in 12 countries. Operations of our branches are fully compliant with rules and regulations as stipulated by the Local Monetary Authorities and by the central banks of the respective centres. We have now received the RBI/Government of India's permission to open three branches at Antwerp (Belgium), Shenzhen (China), Ho Chi Minh City (Vietnam); two Representative Offices in Beijing (China) and Doha (Qatar); and a wholly-owned subsidiary in Dar-e-Salaam (Tanzania). Our business mix and profit at centres such as Hong Kong, Singapore, London and the US are the highest among public sector banks at these centres. Even during the year ended March 31, 2005, the operating profit of our international operations was of the order of $56 million.
Alok K. Misra General Manager Bank of India, Mumbai
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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