The Bank of India said it aimed to raise NZ$25 million of deposits and make a similar amount of loans in its first year in New Zealand.
Bank of India opened its first branch in New Zealand yesterday after the wholly-owned New Zealand subsidiary of India's third largest bank was inaugurated by Reserve Bank Governor Alan Bollard.
The branch in Newmarket in Auckland will have 6 staff and cater for both retail and business banking customers, offering term and call deposits, mortgages and international funds transfers,
Bank of India Chairman and Managing Director Alok Misra told reporters in Auckland the bank aimed to first target the 120,000 Indian-New Zealanders and help service businesses that would grow with a rise in trade between India and New Zealand, particularly ahead of a Free Trade Agreement between India and New Zealand.
“With trade increasing between India and New Zealand, it is the right time for Bank of India to establish a presence in New Zealand," Misra said.
Bank of India was established in 1906 and has 48 million customers served from over 3,750 domestic branches in India. It has 49 offices spread in 19 countries. Misra said it aimed to open in Botswana, Uganda, Canada and Brazil. It does not have a branch in Australia, but does have offices in New York, London and California.
“New Zealand will be like a home for us. We are here to serve the community and emerge as a bank of choice in the local banking fraternity”, Misra said.
Bank of India customers would have access to their accounts through Westpac's ATM network.
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