Bank of India (BoI) will wind up its representative office in Dubai.
The proposal had already been approved by the central bank of the United Arab Emirates (UAE)
BoI, which informed the stock exchanges of the approval given by the central bank of the UAE, did not disclose the reason for the move which comes in the backdrop of the Centre’s plans to consolidate overseas operations of public sector banks (PSBs).
The Centre’s proposal is to consolidate at least 35 overseas operations of the PSBs. About 69 overseas operations had been identified for further examination.
The move to consolidate overseas operations, aimed at bringing cost efficiencies and synergies in overseas operations, gathered momentum following the more than ₹13,000-crore scam at the Punjab National Bank and the decision of Bank of Baroda to wind up its operations in South Africa. Public sector banks have about 165 overseas branches, besides subsidiaries, joint ventures and representatives offices.
