BoB to open 10-12 overseas branches in FY12

NEW DELHI: Public sector lender Bank of Baroda (BoB) plans to open 10 to 12 overseas branches in the current fiscal.

"We have plans to open another 10 to 12 branches in the current financial year in our various overseas territories. That would take our branch and office network abroad to around 100 by March, 2012, Bank of Baroda CMD M D Mallya said here.

Elaborating on the geographical positioning planned for these new branches, Mallya said: "It could be in East African countries Kenya, Uganda, Tanzania , Botswania.

We would be opening a joint venture company in Malaysia. We are expecting a licence in Australia. We are opening a couple of branches in our New Zealand subsidiaries and maybe a couple of outlets in the Gulf region".

However, he admitted that the bank has witnessed moderation in credit growth in the April-June quarter of 2011.

"This year, we are in the slack season as of now. As far as the first quarter is concerned, if you compare it with the figures of March, the credit growth may not be too high. It could be in the range of about 4 to 5 per cent, which on an annualised basis would work out to be 16-17 per cent."

However, as far as Bank of Baroda is concerned, our credit growth has been 24 per cent year on year, he added, explaining the limp in credit growth witnessed by the bank.

Source: EconomicTimes