NEW DELHI: India's state-owned Bank of India (BoI) announced it was opening its first branch in South Africa's Johannesburg, the company announced on Wednesday. The goal is to boost relations between the two countries as part of development within the BRICS framework. BoI managing director Shri Alok K. Misra said increasing trade between the two emerging economic power houses means that banking demand for doing business is rising. “BoI believes that the growing trade between India and South Africa has the capacity to accept another bank from India,” Misra said in a statement published by local media. BoI plans to get involved in commercial lending to various businesses in South Africa especially small and medium enterprises (SMEs). During former Indian President Pratibha Patil's visit to South Africa in May, both countries agreed to increase two-way trade to $15 billion by 2014. Earlier this year, South Africa President Jacob Zuma called on Indian businesses to take advantage of the huge opportunities on the African continent, particularly in infrastructure and communication. South Africa and India are members of BRICS, which also includes Brazil, Russia and China.
