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Bank of India on Wednesday said it has been allowed to terminate/close its Yangon representative office with effect from January 19, 2018 by Myanmar’s Ministry of Planning and Finance, Directorate of Investment and Company Administration.
Following BoI’s move, there are now only two Indian financial entities -- United Bank of India and Export-Import Bank of India – with representative offices in Yangon. State Bank of India has a full-fledged branch there.
As part of its cost-cutting exercise, BoI is planning to rationalise domestic and foreign branches and 9 foreign branches/subsidiaries/representative offices have been identified for closure.
Rajiv Kumar, Secretary, Department of Financial Services, Ministry of Finance, had tweeted on March 1 that “public sector banks to consolidate 35 overseas operations without affecting international presence of PSBs in these countries; 69 operations identified for further examination. Move towards cost efficiencies and synergies in overseas market.”
As per BoI’s 2016-17 annual report, it had 29 branches, 4 representative offices, 5 subsidiaries and 1 associate/joint venture spread across 22 countries of all-time zones. Contribution of foreign operations in the bank’s global business mix was 24 per cent.
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