Public sector bank, Bank of Baroda intends to open 12 foreign branches this fiscal.
M D Mallya, CMD of the bank said, “By June, we will have a branch in Auckland and we will open our tenth branch in the United Kingdom. This fiscal, we also plan to expand in the African subcontinent and would open five branches there”. Presently, the bank has 78 overseas branches which Mallya anticipates to increase to 90 by the end of this fiscal.
The bank has just obtained banking license from Malaysia for launching a locally incorporated bank, jointly owned by BoB, Indian Overseas Bank and Andhra Bank.
BoB would be hold a 40% stake in the bank while Indian Overseas Bank and Andhra Bank would have a 35% and 25% stake, respectively.
Anil Girotra, executive director, Andhra Bank said, “We would start operations soon. It may be possible that we start operation in 2010 itself”.
The bank also intends to expand in the Gulf region. Mallya said, “These outlets will be an extension of ATMs with a couple of people. The bank is not permitted to lend money but they can mobilise resources”.
The bank would also be increasing its branches in the local market. It intends to start 400 branches in the country this fiscal. The bank has also detected regions in Uttar Pradesh and Rajasthan where it would start the method of financial inclusion.