7 Oct 2011

Bank of India opens first NZ branch

7:09 am on 7 October 2011

The country's newest bank has opened its first branch, initially targeting expatriate Indians and exporters keen to expand their markets.

Bank of India opened an office in Auckland on Thursday and plans to offer a full range of retail banking products as well as corporate finance.

The India stock exchange-listed bank has more than 48 million customers, 3750 branches in India and offices in 19 countries.

Managing director Alok Misra says despite New Zealand's small population and competitive banking environment, it offers many opportunities for Bank of India.

Mr Misra says his bank will compete with existing banks on lending rates and other products and plans to open more branches.