Bank of India plans to convert its representative office in Beijing into a full fledged commercial branch by July or August, as it seeks to expand its footprint in Asia, Africa and Europe. The Board of Directors is expected to give clearance for the Beijing branch next month after which Reserve Bank of India would be approached for licence, Bank of India Executive Director K R Kamath, who was here for talks with top officials of China''s central bank and China Banking Regulatory Commission (CBRC) said.
Kamath said 13 Indian companies had set up offices in Beijing, where no Indian bank has a commercial branch. The Bank of India has a full fledged branch in the booming city of Shenzen since last year. He said during discussions, top officials of CBRC and the People''s Bank of China, China''s central bank, suggested that Bank of India tap China''s rural market which offered a huge potential. Kamath said the bank had presence across 14 countries, including in major world financial markets, and it intends to maintain 20 per cent of its business from international operations.
Kamath said 13 Indian companies had set up offices in Beijing, where no Indian bank has a commercial branch. The Bank of India has a full fledged branch in the booming city of Shenzen since last year. He said during discussions, top officials of CBRC and the People''s Bank of China, China''s central bank, suggested that Bank of India tap China''s rural market which offered a huge potential. Kamath said the bank had presence across 14 countries, including in major world financial markets, and it intends to maintain 20 per cent of its business from international operations.
No comments:
Post a Comment