Bank of India, the country's third largest state-owned lender is reportedly planning to re-enter the investment banking space with the aim to tap more fee-based income. This is the second time the Mumbai-headquartered bank is getting into investment banking after surrendering it in 2001 following weak response during that time.
The bank floated a wholly-owned subsidiary BoI Merchant Bankers in October last to run this business vertical, and the bank’s general manager NK Sood has been appointed managing director to take charge of this investment banking arm. The new entity aims to earn fees through arranging initial public offerings (IPO), qualified institutional placements (QIP) and domestic bond sales.
