Custom Search

Monday, January 16, 2012

BoB to open dozen branches overseas in 6 months

Bank of Baroda (BoB) plans to expand its international operations by opening more than a dozen branches and representative offices overseas in six months, Chairman and Managing Director MD Mallya said today.

At present, the bank has 87 branches and offices spread across 25 countries and this number is expected to touch 100 by June-July, Mallya told reporters here.

Overseas operations constitute 24-25% of the bank's total business. "Asset quality of international operations is very strong," he said.

BoB will open branches in Kuala Lampur [Malaysia], Surinam, Uganda, Tanzania and Botswana and couple more branches in New Zealand and the UAE, while its representative office in Australia will be converted into a branch, Mallya said.

He also said the government of India plans to infuse Rs 775 crore into the bank to raise its holding from 57% to 58% by March-end.

Asked if the rising non-performing assets of Indian banks are a matter of concern, Mallya -- who is also Chairman of the Indian Banks' Association -- said "stress and pain points" are anticipated, but the Indian banking system is strong and resilient enough to manage and absorb such bad loans.

He earlier opened the bank's Brigade Road premises, where its retail and SME loan factories, along with corporate financial services and MG Road branches, were moved.

The bank will soon set up a mid-corporate branch in the new premises to help existing and potential entrepreneurs. This branch would finance business entities with an annual sales turnover of Rs 150 crore to Rs 500 crore.

The bank has 71 branches in Karnataka and this number is expected to cross 100 in a year or so, Mallya added.

Source: Business Standard


Post a Comment

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site