Bank of Baroda has chalked out plans to expand its presence abroad, by opening 10 offices during the year. In Australia, BoB may look at acquiring a local bank there.
MUMBAI: Bank of Baroda has chalked out plans to expand its presence abroad, by opening 10 offices during the year. “By March 2008, we’ll we have 71 offices abroad in 25 countries,” said V Santhanaraman, executive director. Australia, New Zealand, Canada and Bahrain, are among the countries being looked at.
In Australia, BoB may look at acquiring a local bank there, said Santhanaraman. “We have opened a representative office last month.
We are looking at opening a branch in Sydney in the next 2 years. Acquisitions may happen only after opening the branch, although nothing is finalised so far. Right now, we plan to expand our branch network on a wide scale there,” Santhanaraman said.
Bank of Baroda chairman and managing director, Anil K Khandelwal too said the bank could look at Australia as it was looking to expand its overseas footprint.
Rana Kapoor, chief executive of YES Bank, said such a move could offer access to other foreign markets as well. “Indian banks looking to acquire a bank in Australia could maximise on the international licences an Australian bank possessed.
An acquisition of an Australian bank would also offer opportunities outside Australia for an Indian bank to build strong corridors with the Gulf Corporation Council or African countries,” Kapoor told DNA Money.
Before Australia, however, BoB will be angling for a take over in Eastern Africa, where it has a very strong presence.
“We will acquire a mid-sized bank having 10-20 branches in East Africa,” Khandelwal had said four months ago. “Our strengths are in Eastern Africa.
We have been there since a very long time and understand the working of the markets. We are also well-versed with the regulations and think we can acquire a bank there. But, we are waiting for the right opportunity,” he had explained.
BoB is also planning to open branches in Ghana, Canada, Bahrain, New Zealand and Jamaica by 2009. “We will open a branch in Canada by June 2008 if we get a license soon,” Santhanaraman said.
The bank recently set up an office in Trinidad & Tobago. Last year, Rs 17,000 crore from the bank’s overall loan portfolio of Rs 68,000 crore was deployed for the overseas business.
mahalakshmi@dnaindia.net
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