Bank of America injects US$83 million into India operations
Bank of America has announced an infusion of US$83 million (Rs 330 crore) into its India operations. This capital injection will not only boost the capital base of the bank and further strengthen its capital adequacy ratio, but also help to position the bank for further growth in India.
With this infusion, the Tier I capital of the bank’s India branches has now increased to US$ 466 million (Rs 1,851 crore) and boosted its total capital base to US$510 million (Rs 2,029 crore).
Welcoming the additional capital inflow, Vishwavir Ahuja, managing director and country executive for India, said: “The infusion of additional capital reflects the confidence of the bank in its India operations and the recognition of India as a key growth market in Asia. This will enable us to grow our client and trading businesses, strengthen our focus on strategic growth areas and to provide world-class products and services to our key Indian clients.”
Said Colm McCarthy, President, Asia, “India has had a record of delivering superior returns and I am confident that the team will continue to improve service and product offerings to our top-tier clients and generate high returns in the years to come.”
Earlier in 2005, the bank injected US$175 million (Rs 767 crores) into its India operations.
(This is press release of Bank of America)
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