Auckland: Bank of India is now the second Indian bank set to open its doors to customers in New Zealand.
The Reserve Bank of New Zealand officially announced on March 31 that Bank of India (New Zealand) had been registered as a bank in New Zealand.
It is the 20th bank to be registered in New Zealand. Bank of Baroda was the 19th bank to be registered.
Two Indian banks, therefore, have been sequentially registered with the Reserve Bank in as many years.
BOI (New Zealand) Limited is a fully owned subsidiary of Bank of India. It will change its name to Bank of India (New Zealand) Limited before commencing operation, the Reserve Bank of New Zealand notification said.
Bank of India has more than 3000 branches throughout India and a presence in the world's major cities, including 141 specialised branches.