Despite disparities, it’s not all bad news for India
Bank of India
P N Rao, Managing Director
1. Why did Bank of India decided to establish itself in New Zealand?
Trade between New Zealand and India has been growing in recent years. Bank of India is globally very strong in trade finance and we see this as a significant opportunity. New Zealand’s large Indian population will be well served by us. This is a good opportunity, particularly as trade between India and New Zealand is expected to grow once the Free Trade Deal is concluded.
2. How does BOI think NZ customers differ from those in India?
We have customers globally, and while their backgrounds and beliefs are different, one thing they have in common is that they expect great service and don’t want to pay any more than they have to for banking products and services. NZ has some differences, I believe – apart from extensive use of internet banking, a high penetration of debit cards and a willingness to use them for very small transactions. Every customer will find our extensive international network convenient and services at competitively priced banking services.
3. Does Bank of India Limited offer a full range of banking services?
Yes, we offer standard retail banking products including savings and current accounts, cards, term and call deposits, international funds transfers and mortgage lending. We also offer trade finance and other products to our commercial customers. We constantly add products and services to the range.
4. What does BOI know about the NZ market?
We know that it’s a technologically driven, competitive and profitable market. NZ banking customers are sophisticated around their use of technology and expect high quality service. They’re also willing to shop around and it is not unusual for kiwis to have relationships with more than one bank.
Bank of Baroda
Navin Chandra Upreti, Managing Director
1. How does an Indian bank such as yours expect to profit India-NZ trade links?
We are well positioned to work as the financial link between India and New Zealand through providing loans or by routing financial transactions. With our strong overseas presence in 24 countries and a network of more than 4000 branches, we use the expertise of our International Division for market intelligence. In just two years we have increased our presence to three branches in New Zealand. Going forward we are confident of providing very specialized knowledge in developing two way trade between India and New Zealand.
2. What are the main advantages you bring to the Indian community in NZ?
Bank of Baroda has a very distinguish place in the Indian Banking sector. Our flagship BarodaRapidFunds2India, is very popular for remitting funds to India. Additionally, our home loans have very competitive terms, our saving banks products have no maintenance charges, and the international student savings bank account neither has any minimum balance requirement nor any maintenance charges. The hassle free facility of NRE/NRO accounts in India from here is also very popular.
3. The local banks often have focused products for immigrants, what competing products do you offer?
Like any other major bank here we too provide various deposit products and loan products at competing terms. We also provide the facility of Exports and Import finance through letter of credit to our customers.
4. Do you look to financing Kiwi businesses and what particular sectors do you look at for investment and growth?
We want to connect with all sectors to cater to their banking needs. Presently, we are well positioned to cater to the banking requirement of the individuals. Business finance particularly to the small and medium enterprises is another growth area for us.
Bank of India P N Rao, Managing Director 1. Why did Bank of India decided to establish itself in New Zealand? Trade between New Zealand and India has been growing in recent years. Bank of India is globally very strong in trade finance and we see this as a significant opportunity. New Zealand’s...
Bank of India
P N Rao, Managing Director
1. Why did Bank of India decided to establish itself in New Zealand?
Trade between New Zealand and India has been growing in recent years. Bank of India is globally very strong in trade finance and we see this as a significant opportunity. New Zealand’s large Indian population will be well served by us. This is a good opportunity, particularly as trade between India and New Zealand is expected to grow once the Free Trade Deal is concluded.
2. How does BOI think NZ customers differ from those in India?
We have customers globally, and while their backgrounds and beliefs are different, one thing they have in common is that they expect great service and don’t want to pay any more than they have to for banking products and services. NZ has some differences, I believe – apart from extensive use of internet banking, a high penetration of debit cards and a willingness to use them for very small transactions. Every customer will find our extensive international network convenient and services at competitively priced banking services.
3. Does Bank of India Limited offer a full range of banking services?
Yes, we offer standard retail banking products including savings and current accounts, cards, term and call deposits, international funds transfers and mortgage lending. We also offer trade finance and other products to our commercial customers. We constantly add products and services to the range.
4. What does BOI know about the NZ market?
We know that it’s a technologically driven, competitive and profitable market. NZ banking customers are sophisticated around their use of technology and expect high quality service. They’re also willing to shop around and it is not unusual for kiwis to have relationships with more than one bank.
Bank of Baroda
Navin Chandra Upreti, Managing Director
1. How does an Indian bank such as yours expect to profit India-NZ trade links?
We are well positioned to work as the financial link between India and New Zealand through providing loans or by routing financial transactions. With our strong overseas presence in 24 countries and a network of more than 4000 branches, we use the expertise of our International Division for market intelligence. In just two years we have increased our presence to three branches in New Zealand. Going forward we are confident of providing very specialized knowledge in developing two way trade between India and New Zealand.
2. What are the main advantages you bring to the Indian community in NZ?
Bank of Baroda has a very distinguish place in the Indian Banking sector. Our flagship BarodaRapidFunds2India, is very popular for remitting funds to India. Additionally, our home loans have very competitive terms, our saving banks products have no maintenance charges, and the international student savings bank account neither has any minimum balance requirement nor any maintenance charges. The hassle free facility of NRE/NRO accounts in India from here is also very popular.
3. The local banks often have focused products for immigrants, what competing products do you offer?
Like any other major bank here we too provide various deposit products and loan products at competing terms. We also provide the facility of Exports and Import finance through letter of credit to our customers.
4. Do you look to financing Kiwi businesses and what particular sectors do you look at for investment and growth?
We want to connect with all sectors to cater to their banking needs. Presently, we are well positioned to cater to the banking requirement of the individuals. Business finance particularly to the small and medium enterprises is another growth area for us.
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