Bank of India (BOI) is a public sector banking institution in India. Bank of India, founded on Sept. 7, 1906 was nationalized along with 13 other banks in July 1969. T. S. Narayansami is the chairman and managing director of BOI. BOI has more than 2640 branches in India spread over all states/union territories, including 93 specialized branches. The bank provides a range of financial products and services including credit schemes, deposit schemes, cash management services, credit/debit cards, deposit vaults and corporate bonds. Apart from commercial and personal banking, it also specializes in agricultural finance, lease finance, small scale industries, asset recovery and treasury operations. It provides loans in mortgage, educational, auto finance, holiday, personal and home. It offers Internet banking services to both the retail and corporate clients and has entered into mutual funds, housing finance, custodial and depository through its subsidiaries. Recently, BOI raised Rs 4,000 million through a private placement of innovative perpetual debt instruments. The bank has sizable presence abroad with a network of more than 25 branches in the key banking and financial centers of London, New York, Paris, Tokyo, Hong Kong, Singapore, Kenya, Shenzen and Vietnam. It already has RBI approval for representative offices in Doha, Bejing, Johannesburg, and branches in Tanzania, Belgium, Canada, Dubai, and South Africa. It has a wholly-owned subsidiary in Dar-Es-Salaam, Tanzania. The bank is to acquire PT Bank Swadesi Tbk, a listed bank in Indonesia. BoI has acquired a majority stake of 76% in the Indonesian bank for $24 million. BOI has a licence to deal in foreign exchange. International operations account for more than 30% of BoI`s net profit. BOI headquarters is at Star House, C-5, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400051.
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