Botswana has granted two licenses to Indian banks. According to Botswana’s central bank it granted two Indian banks licenses to operate in the country, reports Business Standard.
Bank of India and the State Bank of India actually join a wave of Asian companies trying to compete in resource-rich African countries.
Botswana, a southern African diamond-producing and sparsely populated country on the Kalahari desert, is one of the most stable democracies on the continent.
“Some African companies have also been looking for opportunities in Asian countries to trap the trade flow between the continents. FirstRand, Africa’s second-largest lender, received a license to set up an operation in India in 2009,” reports Business Standard.