MUMBAI, DEC 24: Bank of India is expecting to close the current financial year with a 30 per cent increase in its profits from its foreign operations. It has also decided to actively participate in the correspondent banking business to push profits growth from its international operations.The foreign operations of Bank of India contributes over 30 per cent of its profits and about 25 per cent of the bank's business. Foreign branches, amounting to 19, at present contribute in a significant way to the treasury operations of Bank of India. The bulk of this business is brought in by the branches in New York, London and Tokyo. The balance sheet size of BoI's entire international operations is currently about $3.1 billion. Out of this the Japanese, London and New York operations account for nearly 90 per cent of the business. The bank is in the process of opening new offices in Trinidad & Tobago and Tanzania.BoI's New York, London and Tokyo branches will take the lead in offering the service. Correspondentbanking offers reasonable margins with little risk, said Bank of India general manager for International operations, R N Buch.
