CARE has reaffirmed ‘AAA’ ratings to Bank of India’s Upper Tier II Bonds worth of Rs 3,000 crore and Perpetual Bonds worth of Rs 700 crore.
The rating factors in the capital support and majority ownership of Bank of India (BOI) by the Government of India (GoI), its long track record of operations, global presence, comfortable capitalization levels, well-diversified credit portfolio, healthy low cost deposit base and moderate asset quality.
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.
