The Hindu Business Line : BoB aims at Rs 2.45-lakh turnover; plans expansion abroad

New Delhi March 31 Bank of Baroda hopes to clock business turnover of Rs 2,00,000 crore in fiscal 2006-07. It has targeted a turnover of about Rs 2,45,000 crore by end-2008.

"We have set for ourselves target to double the size of the bank during 2005-08. Our turnover in 2005 was Rs 1,23,000 crore," Dr Anil K. Khandelwal, Chairman and Managing Director of BoB, said.

Mr Khandelwal also said that the company plans to open 10 more offices abroad during fiscal 2007-08 to take the total number to 70 from the existing 60. It is keen to tap the remittance-based opportunities available in markets abroad.

The move to set up a joint venture in Malaysia with Punjab National Bank and Andhra Bank is also a step in this direction. Besides opening subsidiaries in Trinidad and Tobago, Ghana and a representative office in Australia in the next three months, BoB plans to open its ninth branch in the United Kingdom, and a new branch in Kenya and Bahrain.

Mr Khandelwal also said that two of its branches in Hong Kong — Kowloon and Central Hong Kong — have become full-fledged branches and would now provide full range of banking services. The international operations account for about 18 per cent of the business turnover and 30 per cent of the bank's net profit. In all, BoB has 2,700 branches and 29 million customers.

More Stories on : Outlook | Public Sector Banks | Overseas Investments

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Urbanites save more than rural folks

Oriental Bank ties up with Escorts

American Express to focus on Bangalore

ICICI Bank hikes home loan rates

Karnataka Bank hikes deposit rates

BoB aims at Rs 2.45-lakh turnover; plans expansion abroad