Bank of India to rename Indonesian arm

Public sector lender Bank of India today said that it will rename its Indonesian arm, Bank of Swadesi, as Bank of India Indonesia.

Bank of India holds 76 per cent stake in the Indonesian bank. The state-run lender said that it has obtained necessary approvals for the same.

“Indonesia and India have close cultural and economic ties and with the core competency that Bank of India brings with it in the areas of agricultural and industrial finance capabilities, we are sure that Bank of India Indonesia will contribute in much larger measure to the growth of the Indonesian economy,” Bank of India Chairman and Managing Director, Mr Alok Misra said.

He added that Bank of India’s global reach would be available to Bank of India Indonesia in expanding its business in forex and international trade finance.