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Bank of India on Monday said the Central Bank of the UAE has allowed it to close its Dubai Representative Office. The closure of the public sector bank’s Dubai office is part of its plan to rationalise domestic and foreign branches. It has identified nine foreign branches /subsidiaries/representative offices for closure.
On March 21, 2018, the bank informed the stock exchanges that Myanmar’s Ministry of Planning and Finance, Directorate of Investment and Company Administration, had allowed it to terminate/ close its Yangon Representative Office with effect from January 19, 2018.
On March 1, 2018, Rajeev Kumar, Secretary, Department of Financial Services, Ministry of Finance, tweeted that public sector banks would consolidate 35 overseas operations without affecting their international presence in these countries.
“69 ops (operations) identified for further examination. Move aimed at cost efficiencies and synergies in overseas mkt (market),” said Kumar.
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