The Government-owned Bank of India (BoI), which has four branches in Kenya, is eying the Rwanda market, the bank’s Executive Director BA Prabhakar announced Friday.
Prabhakar said that BI wants to increase its presence in Africa by opening branches in Uganda and Botswana.
BI whose headquarters are in Mumbai, India, is noted among India’s leading banks, with over 3,090 branches including 27 branches outside India.
“We are seeking approval to start branches in African countries, including Botswana, Rwanda and Uganda along with New Zealand,” India’s online newspaper, The Times Of India, quoted Prabhakar as saying.
Commenting on global financial crisis, the official reportedly told reporters that the Dubai crisis has not affected the bank.
Meanwhile, earlier on June 26, Equity Bank of Kenya also announced plans to start operations in Rwanda.
After the recent launch of the Kenya Commercial Bank (KCB) and Fina Bank, Equity bank, would be the third Nairobi-based commercial bank to enter the local market.