The Reserve Bank of New Zealand has given permission to the Bank of Baroda to begin trading in the country, making it the nation’s 19th registered bank.
India’s third-largest public sector bank first indicated a desire to enter New Zealand when then-chairman Anil Kumar Khandelwel visited the country in 2007, stuff.co.nz reports.
The Mumbai-based lender’s registration was confirmed by the central bank on Monday.
Bank of Baroda may open its first branch in Auckland's Mt Roskill, according to reports.
The bank's local operations, which are expected to begin near the end of the year, is going to target all ethnic communities, not only Indian residents.
Bank of Baroda is in some 70 countries, including offices in Australia and Fiji, and is looking to continue expanding its international operations with a joint venture to open a banking company in Malaysia, according to its latest earnings report.
Overseas business contributed some 23% to the bank's operating profit.
The parent company boosted its net profit some 85% in the three months ended June 30 from the same period a year earlier.
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