Bank of India on Friday officially inaugurated its first branch in HCM City, becoming the first Indian bank to receive a licence to open a branch in the country. — Photo chinhphu.vn

HCM CITY — Bank of India on Friday officially inaugurated its first branch in HCM City, becoming the first Indian bank to receive a licence to open a branch in the country.

Bank of India opened its representative office in HCM City in 2003 as a part of the country’s Look East policy to develop close economic as well as strategic relations with countries in the region.

In 2015, the bank received a foreign branch licence to operate in Viet Nam.

Operating in Viet Nam, the branch will give support to small- and medium-sized enterprises as well as encourage ventures between Vietnamese and Indian companies.

It will provide core banking services, such as accepting deposits from customers and lending to borrowers in Vietnamese dong and other foreign currencies in Viet Nam.

Bank of India, which was established in 1906, is amongst the top five Government-owned banks in India, a global business with a network of 5,016 branches in India and abroad.

Its branch in HCM City will cater to the needs of exporters and importers of both countries and will play a pivotal role in achieving the bilateral trade target of US$15 billion by 2020. — VNS