Public sector lender Bank of India has announced the opening of a new subsidiary in New Zealand. The subsidiary is an indicative of the offshore expansion aims of the lender.

The new subsidiary was inaugurated on October 06, 2011 (yesterday) by Dr Alan Bollard, Governor, Reserve Bank of New Zealand.

The subsidiary will house all retail products and services of the bank like savings and current accounts, cards, deposits and advances as well as overseas fund transfer facility, said CMD of Bank of India, Mr Alok Misra.

The bank currently has presence in 19 countries across the globe.