Bank of India sets up branch in South Africa

boiThe Bank of India headquarters in Mumbai, India. (Image source: Wikicommons)Bank of India (BoI) has opened its first branch in Johannesburg, South Africa

The move is a bid to enhance the relationship between South Africa and India and is also directed at contributing to the overall development of the BRICS nations.

“Increasing business interaction and trade between the two emerging economic power houses will mean that banking business is rising," a report on Xinhua quoted BoI managing director, Alok K Misra, as saying.

During a state visit of former Indian president, Pratibha Patil, to South Africa in May 2012, both countries had agreed to increase two-way trade to US$15bn by 2014 from US$10.64bn.

At the time, Patil and South African president, Jacob Zuma, stressed the importance of increased businesses between the two countries.

Misra said that with its presence in South Africa, BoI plans to be involved in the commercial lending to various business programmes, especially the small and medium enterprises (SMEs).

“As part of business, we also intend to take up the proposal for lending to small and medium-sized enterprises within which financing to the small scale industrial units can also be taken up on the basis of its techno-economic viability,” said Misra.

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