BoB to open ten overseas offices this year

CHENNAI: Bank of Baroda (BoB) will be opening 10 overseas offices this year, with the first one coming up in Trinidad and Tobago at Port of Spain soon, BoB Chairman Anil Khandelwal said.

While new branches will be opened in Ghana, Bahrain and Canada, the bank will be setting up a second office each in Johannesburg, Tanzania and Botswana, ninth one in London, eighth office in Kenya and a representative office in Australia.

Regulatory approvals for opening these branches have been received, Khandelwal said on Friday.

He said the bank is exploring possibilities of opening a branch in Kuwait, Yemen, New Zealand and Surinam.

The bank's chairman said it is setting up a joint venture in Malaysia with Punjab National Bank and Andhra Bank. It would be a 45:35:25, (BoB: PNB: Andhra Bank) venture, he said.

The bank is also planning to launch life insurance products next year, he said.