Bank of Baroda to open 8-9 overseas branches

Crisis provided opportunity for the lender to step up its international business operations.

Bank of Baroda (BoB) expects to operationalise its New Zealand subsidiary as well as its Malaysian joint venture company in January next year as part of its global expansion plans.

Plans are afoot to open as many as eight-to-nine branches abroad in the next six months, taking the total number of international offices to 90 by end March 2011 from the current level of 81, Mr M.D. Mallya, Chairman and Managing Director, BoB, told Business Line in New Delhi.

Africa, Gulf regions
Primarily these branches will be located in the African sub-continent, he said, adding that there could be couple of branches in the Gulf region.

Mr Mallya also said that BoB's foray into New Zealand will be through a wholly-owned subsidiary and that all regulatory approvals have been received from both the sides. As regards the Malaysian venture — India International Bank (Malaysia) Bhd — Mr Mallya said that most regulatory approvals are in place and that it should take off from January next year.

BoB has 40 per cent stake in the Malaysian joint venture company with Indian Overseas Bank (IOB) and Andhra Bank being the other equity partners.

View the full story in the Hindu Business Line.

Follow the link for more news on

Also Read

Krungthai Bank temporarily closes 4 branches due to floods

Bank Negara Malaysia releases policy document on claims settlement practices

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit