Bank of Baroda will soon be opening a foreign branch in Auckland, New Zealand, through a 100 per cent subsidiary of the banks, according to Mr M.D.Mallya, Chairman and Managing Director.
Mr. Mallya said the bank also holds a licence to open its ninth branch in the UK and expects to open it before March 2010. The bank has also received licences for opening three electronic banking services units i.e. extension counter in the UAE, which it is planning to open in the coming 3-4 months.
The bank has already opened 11 foreign branches in the period 2007-08, five foreign branches in 2008-09 and four branches in the current year. Currently, the bank has an international presence amounting to 76 branches spread across 25 countries.
The bank has also applied for licences in Canada as well as to set up a second branch in USA and was hopeful of getting it soon. Mr Mallya stated that the bank would go wherever the Indian Diaspora was and would also follow Indian companies that were setting up operations abroad.
Presently, international operations contribute about 23 per cent of the bank’s total business and about 20 per cent of its profits.