Bank of Baroda to double its operation in three years

March 7th, 2008 - 7:18 pm ICT by admin  

Kolkata, March 7 (IANS) Bank of Baroda, one of India’s premier public sector banks, intends to double its business, including overseas operations, in three years. “We are expecting a total business of Rs.5 trillion ($330 billion) in next three years, of which the bank’s international operation would contribute about Rs.1 trillion,” Bank of Baroda (BoB) chairman and managing director Anil. K. Khandelwal told reporters here Friday.

“By the end of the current financial year, the bank is also eyeing a total business of Rs.2.5 trillion.”

Khandelwal said that as of December 2007, the bank has registered a total business of Rs.2.3 trillion with a net profit of about Rs.11.59 billion.

“While achieving the growth target, we are also targeting for a loan growth between 20-24 percent in the next 3 years,” he said.

BoB has recently opened branches in Bahrain and Abu Dhabi in the Middle East and also plans to open two new branches in New Zealand and Canada by next year.

“We have seven offices altogether in the UAE (United Arab Emirates) and the maximum volume of our overseas operation comes from this particular market,” Khandelwal said, adding that the bank’s international operation contributes about 20 percent of its total business.

BoB has 10 foreign offices with a 29-million global customer base.

Khandelwal inaugurated the bank’s eastern region office at Sector-V in Salt Lake here Friday.

Speaking on other services being planned by the bank, the official said BoB bank will launch an e-trading platform for its customers within the next three months.

“We are also coming up with an asset management company and a life insurance company by September this year and January 2009,” he said.

Pointing out the growth potential in the eastern region, he said the bank presently has a business of Rs.100 billion from the region.

“We are going to double it up to Rs.200 billion in next three-four years. Kolkata is one of our priority zones. We are also taking some important decisions on how to grow in the eastern region.”

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