BoB expects Rs 775-cr capital infusion

Bank of Baroda is expecting a capital infusion of Rs 775 crore from the Government this year. This would bring the Government shareholding in the public-sector bank to about 58 per cent, said Mr M.D. Mallya, Chairman and Managing Director, Bank of Baroda, on the sidelines of Bancon 2011 on Sunday.

The bank is looking at opening over 400 branches in the country, taking the total domestic branch network to over 4,000 branches.

Bank of Baroda also plans to open five or six subsidiaries in the East African region in countries such as Uganda, Botswana and Tanzania. The bank recently entered into a joint venture with Indian Overseas Bank and Andhra Bank to enter Malaysia, and the three banks have invested about Rs 300 crore in this venture.

“We have also obtained a licence for Australia, and we plan to open a branch there by March 2012,” said Mr Mallya.