In
1946 when a new era of freedom and prosperity was dawning in India, pioneers
of Bank of India took a big leap in International financial arena by opening
first ever Indian Bank branch beyond Indian Territories. Thus London branch
came into existence on 1946 to take care of ever growing business needs
of well settled ethnic community. With the inflow of immigrants from Uganda,
Kenya and other African countries, the prospect of good business growth
in UK increased manifold and the branch network was increased to 12 over
a period of time. The need to expand our presence in Europe resulted in
opening a branch in Paris 1974. the bank also opened a branch in Jersey
(Channel Islands), an offshore financial center in 1978 to take the advantage
of its stale financial system, efficient communication, transport links
and low taxation.
Since
mid eighties to early nineties, the key focus area of the Bank's operations
in UK was consolidation and restructuring. Unviable and less profitable
branches were thus closed or merged to transform the UK operations into
a well knit cohesive unit reducing the number of branches to 6.
The
opening up if Indian economy provided good business opportunities to the
Bank. India related business has a lot of commercial importance and bank
of India established "India Desk" in the June 1997 to serve exclusively
Non Resident Indians and India related business.
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