The Hindu Business Line : BoI to grow corporate credit portfolio by 25 pc

Bank of India (BOI) expects to grow its corporate credit portfolio size by about 20-25 per cent during the current fiscal, said Mr M. Balachandran, Chairman and Managing Director of the bank.

At present, the credit exposure of its corporate branches stands at about Rs 15,000 crore.

As part of the efforts to provide focused attention to large corporate clientele, the bank on Thursday opened a large corporate branch at New Delhi. This is the second large corporate branch of the bank, with the first one established in Mumbai last month.

"We plan to have six large corporate branches by the end of the current fiscal. We will have one more in Mumbai and one each in Chennai, Bangalore and Kolkata. The large corporate branches will cater to those corporates who are willing to have a credit exposure of at least Rs 50 crore with us," Mr Balachandran told newspersons here.

He said that establishment of large corporate branches would enable faster turnaround time for sanction of credit. Large corporate branches are now being seen as a strategic business unit (SBU) by the bank, which is undertaking a business process re-engineering exercise.

"We will help large corporates to bring down their financial cost. A wide range of financial products and not vanilla products would be provided to help them in currency management and risk management. A number of derivative products would also be made available," Mr Balachandran said.

The BOI chief also said that the purpose behind the large corporate branch was not only to serve the existing corporate clientele better, but also to attract more.

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