by NR INDRAN / INT

JOHANNESBURG – Bank of India expanded its Overseas operations by commencing Branch Banking here today. The branch was inaugurated by His Excellency, Mr Nkosana Mashiya, Dy Registrar of South African Reserve Bank in the presence of Mr T Armstrong Changsan, Dy High Commissioner of India, Mr Alok Misra, Chairman & Managing Director of the Bank and other distinguished guests.

Located in Johannesburg’s prestigious commercial district, Bank of India will cater to the local Companies and commerce. Bank of India is already present in the city through its Representative Office, which it set up 5 years ago

“Africa has, for long, been our favoured Continent and upgradation to branch banking in South Africa is one more step in that direction”, said Chairman Mr Misra. The Bank had already set up presence in a number of countries in Africa, including Kenya, Uganda, Tanzania, Zambia and South Africa and there were plan to open offices in a few more African countries in the near future.

“With business increasing between India and South Africa, it is the right time to commence branch banking here. Bank of India offers a comprehensive bouquet of financial product. Our customers in South Africa will be well served and they will enjoy the benefits of our India and Global connect”, Mr Misra added.

The Bank also opened its second branch in Dar es Salaam (Tanzania) on the 10th of this month. With this, Bank of India is present in 20 overseas countries, spread over 5 continents. The Bank has 51 foreign offices and 25% of the Bank’s business comes from its overseas operations.

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