A Cross Border Crusader

Bank of America won by focusing on large Indian firms and multinationals

- B.S. SRINIVASALU REDDY

KAKU NAKHATE, President And India Country Head, Bank Of America

75% Growth in deposits in last one year

The bank that has a strong client selection culture but follows the client even when he expands operations to another country has been adjudged the Best Foreign Bank in India in the Large Foreign Banks category in the annual BT-KPMG Best Banks Study for 2019-20. Bank of America (BofA), despite being sixth in size, has topped in growth in advances and deposits. However, it ranks lower on other broad srength analysis parameters — it is second in capital adequacy, fourth in quality of earnings and eighth in quality of assets.

“Of course, we are not as big as the others (foreign retail banks), but we have been growing steadily. Our balance sheet has been growing between 34 per cent and 42 per cent annually. We have grown deposits steadily, by almost 75 per cent, over the last one year. Advances have grown 21-27 per cent. Profitability has been consistent as we have kept costs under control,” says Kaku Nakhate, President and India Country Head, Bank of America.

All this is the result of several key initiatives taken over the years. “We have been banking with more corporates and continue to work with multinationals wanting to enter India. We have made significant technology investments in India to digitise our platforms and opened touch points across client interfaces.”