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Our Bureau

Mumbai , Aug. 28

Bank of Baroda has received licence from the Hong Kong Monetary Authority for conversion of its existing operations into full-fledged banking operations, a press release from the bank said.

As a branch, the new entity is permitted to accept retail deposits and grant loans to retail and small and medium enterprises segments, besides foreign currency term loans, syndicated loans, foreign currency convertible bonds and trade finance to corporates.

Bank of Baroda now operates in Hong Kong as a Restricted Licence Bank, which is a wholly owned subsidiary of the bank, with two branches in central Hong Kong and Tsim Sha Tsui.

Roll-out of the full-fledged Hong Kong branch is slated for December 2006. It will help the bank raise resources at competitive rates, the release added.

Bank of Baroda now has a presence across 20 countries. The bank will roll out its Singapore operations through an offshore banking unit in Singapore in September 2006.

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