Information Bank of India (New Zealand)

Bank of India, one of the largest commercial banks of India, is scheduled to open its first branch in New Zealand shortly.

The Bank has established the "Bank of India New Zealand Limited (BOINZ)", as its wholly owned subsidiary with a capital base of $50 million, after the Reserve Bank of New Zealand granted it the status of a commercial bank.

BOINZ Managing Director Nageshwar Rao Paladugu said that the subsidiary and the first branch of the Bank will be located at 10 Manukau Road, Epsom in Auckland.