BoI signs deal for 76% stake in Indonesian bank

Bank of India has signed the acquisition deed for acquiring 76% stake in PT Bank Swadesi, Indonesia.

According to a release issued by BoI to the BSE today, Bank Swadesi is a mid-sized bank operating in Indonesia for the last 38 years and has 16 outlets. "Bank Swadesi has a licence for forex business and is listed on the Jakarta Stock Exchange,"the release added.