Bank of India's 100% owned subsidiary, Bank of India (New Zealand) Limited, has been granted registered bank status with effect from 31st March 2011 and it plans to commence operations shortly. With this, Bank of India will be present in 19 countries through 29 offices and 4 associates/subsidiaries.
Bank of India was the first Indian Bank to have entered international territories, over 65 years ago. New Zealand has been identified as a big market for the Bank’s international growth, particularly with increasing volume of trade and the presence of sizeable population of NRIs in that country.
Approximately 20% of the Bank’s total business comes from its overseas operations. The Bank has plans to expand to Uganda, Canada and Botswana while upgrading its Representative Office in Johannesburg into a full-fledged branch.
BOINZ has a capital base of $ 50 Mn and rated by S & P at BBB- (Stable outlook). The present Board of Directors of BOINZ are Tarun Kanji, Chairman and Independent Director; Mr. Peter Holland, Independent Director; Mr. B.A.Prabhakar, Executive Director-Director; Mr. P. N. Rao, Asst. General Manager-Managing Director
BOINZ has since finalized premises at 10 Manukau Road, Epsom, Auckland, being a very strategic location. The building is modern and provides good ambience and brand image. Bank of India has provided unconditional parental guarantee to satisfy all the liabilities of BOINZ. First General Disclosure Statement (GDS) of BOINZ is available on its website at bankofindia.co.nz.
BOINZ is in the process of completing its interior fit-outs and establishment of computer/connectivity systems. It is planning to commence its banking operations shortly in next one or two months. It proposes to provide a range of retail and commercial banking services to all New Zealanders more particularly Term Deposits, Savings accounts, current accounts, remittances, personal loans, mortgage loans, housing loans, and various business and commercial loans. It is also planning to provide ATM facilities, internet banking facilities, card products and so on.