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M. Ramesh

Chennai, June 10 Bank of India will open a branch in Scotland on Wednesday, its seventh branch in the UK. The bank’s Chairman and Managing Director, Mr T. S. Narayanasami, is currently the UK to open the branch.

BOI has a fairly large international presence. Last year, it earned a net profit of Rs 370 crore from foreign operations, which amounted to 18 per cent of the bank’s net profit for the year.

Its UK operations are the largest for any country, with deposits of £1.091 billion and advances of £1.341.

In Scotland, the bank aims to service the ethnic Indian population, Mr Narayanasami told Business Line.

Meanwhile, Bank of India also plans to increase its presence in Africa, with a branch in the Tanzania’s capital, Dar-es-Salaam. Bank of India will open a subsidiary in the country for the purpose. Sources noted that the bank had operations in the country many years ago, but for various reasons had wound them up. However, the ‘brand BOI’ has still a lot of value in the country. Now, the bank wants to capitalise in the brand name and re-start operations there.

In Kenya, Bank of India has four branches. Last year, Kenyan operations enjoyed deposits of Rs 840 crore and advances of Rs 546 crore.

In Zambia, three Indian public sector banks—Bank of India, Central Bank and Union Bank of India—have a banking joint venture with a government entity.

Bank of India also wants to upgrade its representative office in Johannesburg to a full fledged branch and open branches in Cairo and Madagascar.

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