The Hindu Business Line : Bank of Baroda to expand overseas

BANK of Baroda, under its global expansion strategy, opened a representative office in Bangkok, Thailand, on August 9. Earlier, on August 3, BoB had inaugurated its 39th branch in Leicester, UK.

The bank has two representative offices in China and Malaysia. With the latest office, the bank's global presence has increased to 21 countries with 59 overseas offices and branches.

The bank has also got approval from the Reserve Bank of India for expansion in five countries, including Canada, New Zealand, Bangladesh, Sri Lanka, Maldives and Trinidad and Tobago, said Mr K.K. Agarwal, General Manager, Treasury and International Operations.

Approval for an Offshore Business Unit in Singapore is also likely in the next 1-2 months, Mr Agarwal added. This OBU would offer services such as syndication and global investment.

Overseas branch operations (excluding subsidiaries/joint venture) had contributed nearly 15 per cent to the bank's balance sheet and about 25 per cent to global profits for the year ended March 31, 2005.

Recently, BoB designed a product, which would enable NRIs to take easy loans on IMD (India Millennium Deposits). The bank also launched a `Dollar Deposit Scheme' to garner and retain the IMD deposit, which amounts to about $5.5 billion and which will mature in December 2005, Mr Agarwal said.

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