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Bank of India (New Zealand), a wholly-owned subsidiary of Bank of India, was inaugurated on Thursday by Dr Alan Bollard, Governor, Reserve Bank of New Zealand.
Apart from financing corporates, the bank will offer its clients a full range of retail products, including savings and current accounts, cards, term and call deposits, mortgages and international funds transfer, said Bank of India Chairman and Managing Director, Mr Alok Misra.
With its entry into New Zealand, BoI has expanded its presence to 19 overseas countries, spread over five continents.
The bank now has 29 foreign offices, in addition to three subsidiaries and one joint venture abroad. Almost 20 per cent of the bank's business comes from its overseas operations.
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