The Hindu Business Line : Bank of Baroda to set up arm for PD biz in Mauritius

BANK of Baroda will be setting up a wholly owned subsidiary for primary dealership in securities in Mauritius, said Dr Anil K. Khandelwal, Chairman and Managing Director.Talking to mediapersons at the launch function of the bank's new logo here on Monday, he said the bank had got Reserve Bank of India's approval for the Mauritius subsidiary.

The Mauritius venture will initially undertake business in that country but may later look at other overseas markets, a bank official said.

He said the bank has also received RBI's nod to open branch in Hong Kong and Leicester in United Kingdom and in Jebel Ali Free Trade Zone. The bank has presence in 20 countries.

The bank also plans to open offshore business unit in Singapore.

Referring to the bank's performance, he said BoB expects the operating profits to grow by about 25 per cent in the current fiscal.

The bank today unveiled its new corporate logo — "BB" with a "Baroda Sun".

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