Wednesday 11 December 2024
Select a region
Business

Bank of India shuts down Jersey branch

Bank of India shuts down Jersey branch

Thursday 25 October 2018

Bank of India shuts down Jersey branch

Thursday 25 October 2018


The Bank of India has closed down its Jersey branch, based in New Street.

The closure took effect on 18 October following the approval of the Jersey Financial Services Commission.

The BoI announced the closure in a regulatory filling

The Times of India reported that the bank had already closed down operations in Yangoon, Botswana and Dubai earlier this year.

The closure of overseas branches is part of the public sector banks' (PSBs) efforts to wind up the unviable operations as per the instructions of the Indian Finance Ministry.

PSBs have closed down 35 overseas branches and representative offices as part of the 'clean and responsible banking' initiative. Andhra Bank, IDBI Bank and Indian Overseas Bank closed down Dubai operations, while Punjab National Bank, Canara Bank and Union Bank of India shut their Shanghai offices. 

Sign up to newsletter

 

The latest property sales

Comments

Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?