Bank of India has decided to shut down its branches in the UK. It has also decided to sell shares in 3 companies. This is part of the bank’s efforts to free up capital and monetize assets. The bank said it has merged its branches at East Ham and Manchester with those at Wembley (London) and Birmingham respectively. Public sector banks are expected to merge some 70 of their 159 branches outside India in FY2019. In FY2018, the banks have closed some 35 branches. Bank of India plans to raise Rs10 billion through a stake sale of non-core assets and real estate properties. The bank has a 30% stake in STCI Finance and 2.84% stake in SIDBI.
