BoI considers Jakarta bank acquisition

Bank of India (BoI) is exploring the possibility of taking over a small bank in Jakarta, Indonesia to strengthen its overseas operations.

This was revealed by the bank's chairman and managing director M Venugopalan, while interacting with newsmen here.

Venugopalan said BoI was readying an overseas push plan and is surveying the African continent too. The Indonesian acquisition is a part of this plan.

He said the bank being circled would have six to seven branches and a relatively low capital base.

The cost of taking over an existing bank in another country is much lower than starting operations afresh, said Venugopalan.

He was in city to review the progress in agriculture loan disbursals for which the bank has set an ambitious target of Rs 3,300 crore, up 40 per cent from last year's Rs 2,480 crore.