Bank of Bhutan (BoB), the country’s oldest and largest commercial bank, has selected MTI Consulting to advise it on its market entry strategy for India.

With the bank’s vision being “to be the nation’s premier financial institution” and to have a significant presence in Bhutan, it intends to establish its presence in the Indian financial market as well. The main objective of this project is to prepare a detailed project report for the opening of a BoB branch office.

The Bank of Bhutan is 80% owned by Druk Holdings & Investments (DHI), which is a Bhutan state investment holding company and India’s State Bank of India (SBI). BoB was first incorporated by a royal charter in May 1968 and acted as the public sector commercial bank and enjoyed complete monopoly until 1997 when the Unit Trust of Bhutan was converted into the country’s second national bank i.e. the Bhutan National Bank (BNB). Today there are five banks in Bhutan.

BoB has a branch network of 54 domestic branches, including 12 extensions and one mobile van. The current network was developed in line with the Royal Government plan and prioritises covering all Dzongkhag headquarters and most industrial growth and development centers in Bhutan. 

In their 22 year journey, MTI has carried out over 630 projects across 43 countries and worked with some of the world’s top global and regional companies.

MTI’s practices include strategy, business operations, corporate finance, talent and resourcing, go-to-market and tech advisory. The MTI team comprises a multinational pool of strategists, analysts, researchers, industry specialists and functional specialists. MTI has also been at the cutting edge of thought leadership on strategy, having presented at over 150 conferences around the world.

Photo: Bank of Bhutan CEO Dorji Kardin and MTI CEO Hilmy Cader at the signing of the agreement in Thimphu, along with MTI & Bank of Bhutan Officials