The Hindu Business Line : Bank of Baroda plans 10 more offices abroad

Mangalore, May 25 Bank of Baroda, which has a strong international presence with 71 offices in 25 countries, is planning to expand its overseas presence by adding 10 more offices and branches during the current fiscal. The bank is looking at the Gulf countries, Australia and China for expanding its overseas network.

Mr M.D. Mallya, Chairman and Managing Director of the bank, who was in Mangalore on an official visit recently, told Business Line that the bank is planning to increase the total number of its offices overseas by 10 during the year. These offices include branches of its subsidiaries and representative offices.

“Most of the overseas offices and branches are strong and have stabilised in the last few years. Our operations in Gulf are one among the strongest operations of any bank in that region. Our operations in London show the strong presence of an Indian bank in that region. The same is the case with our operations in New York,” he said. The bank, which opened a branch under its subsidiary in Trinidad and Tobago last year, is planning to open four more branches under the subsidiary. Stating that there is tremendous potential in that region, Mr Mallya said nearly 33 per cent of the population in Trinidad and Tobago are of Indian origin. “That means there is a good scope for improving our business there. We are proposing to open four more branches under the subsidiary in Trinidad and Tobago. The rest of the branches we may open in the Gulf, Australia, Africa and China,” he said.

The bank is in the advanced stage of upgrading its representative office at Guangzhou in China into a full-fledged branch.

Of the 71 branches, 46 are its own branches, 21 are the branches of its eight subsidiaries and four are representative offices in Malaysia, China, Thailand and Australia.

Mr Mallya termed international operations as one of the mainstays of the bank, as they contribute nearly 20 per cent of the business and one-third of the net profit.

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