Kochi: Bank of Bahrain and Kuwait (BBK) Friday opened its first branch in Kerala at nearby Aluva, taking its total bank strength in India to three.
The Bahrain-headquartered bank has branches in Mumbai and Hyderabad. "We have approached RBI for permission to open a branch in Delhi," bank's CEO Abdulkarim Bucheery told reporters here.
On their business target in the first year of operations in the state, he said the targets are not extremely challenging. "We have to take our time to compete", he said.
The Aluva branch, which will at present have seven staff, will be expanded to 15. The staff would be recruited locally, he said.
The bank's business size was eight billion US dollars. It has 17 branches in different countries, including three in India.
Outside Bahrain, they have branches in Kuwait, Dubai and India.
On further branch expansion in India, he said they were looking at whether to have more branches or take the NBFC route.
BBK has infused a capital of $30 million in 2011 and is looking at further fusion in the current year.
Operations in India earned a net profit of $3 million in 2012-13 fiscal, he said.
BBK is the only foreign bank in India to offer eight per cent on savings bank deposits.