Bank of India has completed the allotment of Rs 500 crore BASEL-III compliant unsecured Tier-II Bonds of 10 years at a coupon rate of 9.80% per annum on private placement basis.
Further, the present issue is in addition to the earlier issue of Rs 1,000 crore completed on September 25, 2013. Both the issue has been rated AAA by CRISIL.
Bank of India has 52 foreign offices in 20 countries and over 25% of its business is sourced from overseas. It was also the first Indian Bank to venture abroad having opened a branch in London in 1946.