Bank of India commences operations in New Zealand

Auckland, Oct 06, 2011:

Bank of India (New Zealand), a wholly owned subsidiary of the Bank was inaugurated today by Dr Alan Bollard, Governor, Reserve Bank of New Zealand, in the presence of Mr Sureesh Mehta, Indian High Commissioner, Mr Alok Misra, Chairman & Managing Director and other distinguished guests.

Located in Auckland’s prestigious business district, Bank of India will cater to the citizens of New Zealand and the expatriate Indians. Apart from financing Corporates, the Bank will offer its clients a full range of Retail Banking products, including Savings and Current accounts, Cards, Term and call deposits, Mortgages and International Funds Transfers, said Bank of India Chairman and Managing Director, Mr Alok Misra. “With trade increasing between India and New Zealand, it is the right time for Bank of India to establish a presence in New Zealand.”

“Bank of India offers a comprehensive bouquet of financial products, globally. Our customers in New Zealand will be well served and they will enjoy the benefits of our India and Global connect. The Bank will also leverage on its expertise in financing Agriculture and Small Businesses for the benefit of its clientele in New Zealand,” Mr Misra said.

With its entry into New Zealand, Bank of India has expanded its presence to 19 overseas countries, spread over 5 continents. The Bank now has 29 Foreign Offices, in addition to 3 subsidiaries and I JV abroad. Almost 20% of the Bank’s business comes from its overseas operations.

(This is a press release from Bank of India)