Bank of India opens doors in New Zealand

The Bank of India has opened its doors in Auckland today.

It bank gained a New Zealand banking licence in March, bringing the total number of New Zealand-registered banks to 20.

Bank of India is the second major Indian bank to establish a presence in New Zealand, the first being Mumbai-based Bank of Baroda, which gained a local banking licence in 2009.

The Bank of India said in a statement that it would cater for corporate financing and would also offer its customers a full range of retail banking products, including savings and current accounts, cards, term and call deposits, mortgages and international funds transfers.

Bank of India chairman and managing director, Alok Misra, said in a statement that with New Zealand-India trade increasing, it was the right time for the bank to establish a presence here.

He said the bank would also leverage its expertise in financing agriculture and small businesses for the benefit of its clientele in New Zealand.

Bank of India, which is one of India's biggest banks, has a customer base of over 48 million.

Shares in the bank are actively traded on Indian stock exchanges.