Bank of India set for significant overseas expansion
Mumbai: Bank of India's (BoI) moves to expand its overseas network, through new branches and representative offices or by establishing subsidiaries, is moving apace.

The bank is in the process of acquiring a majority 76% stake in PT Bank Swadesi Tbk of Indonesia, a listed bank with a forex licence. The BoI is also due to open a branch in Antwerp in Belgium soon. It will also set up a completely owned subsidiary in Tanzania, for which regulatory approvals have been received. The bank's representative offices will also be opened in South Africa and Doha.

The BoI has also received RBI's nod for setting up branches at the Dubai international financial centre and as well as a subsidiary in Canada. It will also upgrade its representative office in Vietnam to the status of a branch.

At present, the bank has two outlets in China and it is planning to have representative offices in Belgium, Dubai, Doha and Canada and South Africa. The bank has received the Government's approval to open a branch in Dhaka.

At home, the bank has identified 128 villages for development as model villages as part of its centenary celebrations. Under the `e-grama` project, the bank will set up IT kiosks in rural areas of Karnataka and Gujarat.
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BoI to set up life insurance company JV
Mangalore: Bank of India (BoI) along with the Japanese insurance major, Dai-Ichi Mutual Life Insurance Company, and the Union Bank of India have entered into an arrangement to set up a life insurance company as a joint venture.

The company will split the capital stake at 51 per cent, 26 per cent and 23 per cent respectively, amongst the three partners, BoI officials said. Incidentally, the bank will also start a joint venture in Zambia soon.

Officials said that the bank has also entered into a strategic alliance with the Union Bank of India and Infrastructure Development Finance Company for loan syndication, international business, cash management, cheque collection and training.
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