Africa to be ‘next centre of growth’ for Bank of Baroda

February 11th, 2012 - 5:27 pm ICT by IANS  

Kolkata, Feb 11 (IANS) Public sector lender Bank of Baroda (BoB) is planning to expand its network in Africa for its incremental business growth by opening ten new branches in the next four to five months.

The state-run bank expects that its “next centre of growth” will be Africa in the coming days.

“We are very strongly present in East Africa. We are considered to be a local bank as far as Africa is concerned because of our strong presence there. We feel that our next centre of growth will be Africa in the days to come,” Bank of Baroda chairman and managing director (CMD) M.D. Mallya told reporters on the sidelines of the “SME Festival 2012″ here Friday evening.

“Our immediate plan is to set up four more branches each in Kenya and Uganda, and one more branch each in Tanzania and Botswana. Ten more branches in East Africa in the next four to five months,” Mallya said. The bank, which has been present in Africa since 1953, already has 11 branches each in Kenya and Uganda, and two branches each in Tanzania and Botswana.

The CMD said that the bank currently had two branches in South Africa and was planning to open one more branch there. “Every subsidiary is doing good business in Africa. Every subsidiary is making profit. We are expanding our network there. A large chunk of our incremental growth will be coming from Africa,” Mallya said. He said by June this year, the bank’s overseas network would be about 100. BoB at present has 87 offices and branches overseas.

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