Bank of India may acquire a mid-sized foreign bank in the next 2-3 months, as a part of strategy to increase its global footprint, a senior bank official said here on Monday.

“We are mulling the acquisition of a mid-sized bank overseas. This is likely to take place in next 2-3 months,” the official added.

BoI recently completed a Qualified Institutional Placement (QIP) of Rs 1,360 crore, in which it issued 3.78 crore shares at a price of Rs 360 per share. With the QIP, the government’s holding in the bank will come down to 64.47 per cent from the earlier 69.47 per cent. BoI currently has 25 foreign branches in 13 countries, and plans to grow bigger in the global market through the acquisition, the official said.

The bank has also tied-up with Union Bank of India and Japanese firm Dai-Ichi for its proposed insurance venture.