Bank of Baroda to open more branches in Africa

August 11th, 2011 - 11:32 pm ICT by IANS  

Kolkata, Aug 11 (IANS) State-run Bank of Baroda is aiming to open 15 more branches in East African countries Kenya and Uganda and several other nations in Asia and Asia-Oceania this year, despite a turmoil in markets abroad.

Apart from the two African countries, branches will be opened in nations like New Zealand, Australia, Malaysia and some in the gulf region, said bank chairman and managing director M.D. Mallya.

Mallya said the bank top brass harboured the feeling that the turmoil could be favourable to the Indian banks who operate overseas.

The bank derives nearly 25 percent of its business and 23 percent of its profit from overseas operations.

Mallya said in the past few years, the bank’s international operations have grown by over 35 percent.

“The liquidity in the overseas market is likely to be less as we move forward. We can actually look at that as an opportunity,” he said, noting Indian banks had done very well a few years back when the international market was grappling with a liquidity crisis.

“Economic downturn has not affected us much as our business model is India related,” he said speaking at a banking conclave organised by industry forum FICCI.

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