Financial Daily from THE HINDU group of publications
Thursday, Mar 02, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 02, 2006 |
|
|
|
|
|
|
|
Money & Banking
-
Public Sector Banks BoB to expand overseas biz Our Bureau
Mumbai , March 1 Bank of Baroda (BOB) wants to increase its share of business from overseas operations to 25 per cent from the current 20 per cent, said Dr A.K. Khandelwal, Chairman and Managing Director. The bank is looking at 30 per cent year-on-year growth in overseas business, he said. He was speaking on the sidelines of a press conference to announce a distribution tie-up with UTI Mutual Fund. To begin with the bank will sell the mutual funds at 100 branches. This will increase to 200 branches by March-end 2006 and to 500 branches by December 2006. The bank wants to open offices in Gulf countries such as Saudi Arabia, Bahrain and Yemen and in Trinidad and Tobago in the Caribbean. It already has approval from Reserve Bank of India for New Zealand, Bangladesh, Sri Lanka, Canada and Male. The bank's overseas business unit in Singapore would be operational in three months. It would offer services like syndication and global investment. The bank also plans to upgrade its operations in African countries like Kenya, Uganda and Tanzania. It is also eyeing Mozambique, as the economy is good, said Dr Khandelwal. On acquiring a bank overseas, he said, "We are strong in East Africa. So we would be a natural partner for acquisition,for us".
More Stories on : Public Sector Banks
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|