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HomeBanking & FinanceBoB in unique Ten Trillion club

BoB in unique Ten Trillion club

s_s_mundra|By TAP Staff|

Bank of Baroda, which identifies itself as India’s international bank on the strength of its global operations, is set to celebrate the milestone of a Ten Trillion Bank, taking it into a unique league of banks with turnover of ten trillion rupees or more.

The largest Indian bank, after the State Bank of India, is the only bank in the UAE with a full-fledged banking licence. The UAE business roughly accounts for 30 percent of the bank’s total international operations, which in turn constitutes 30 percent of the bank’s overall business, chairman and managing director S S Mundra said in Dubai. The bank has a global customer base of over 59 million with a presence in 24 countries and 101 overseas offices.

The bank has presence in world’s major financial centers i.e. New York, London, Brussels, Dubai, Hong Kong and Singapore. Its global network includes 59 own branches, 41 branches of its 8 subsidiaries and one Representative Office in Thailand. The Bank also has Joint Venture in Zambia with 21 branches and Joint Venture in Malaysia with a branch at Kuala Lumpur.

The bank achieved a growth of over 25 percent in the UAE for the past five years, with the total business touching AED 49 billion. The UAE customer base grew from 50,000 to 285,000 during this period. In terms of business as well as profitability, UAE is the largest overseas territory of the bank. As at the end of last year, UAE operations contributed 10 percent of the global business, 11% to the global gross profit and 8 percent of global net profit of the Bank.

In the overseas operations, UAE contributed 30 percent and 45 percent to the overseas gross profit and 30 percent to the overseas net profit.

Mundra was in the UAE in connection with the opening of the new premises of the bank’s Sharjah branch and the opening of two electronic banking service units (EBSU) in Jebel Ali Free Zone and Shabiya in Abu Dhabi.

The bank has been successfully venturing in banking services in UAE for more than 39 years, operate through 6 branches, 9 Electronic Banking Service Units and 37 ATMs. It also has a presence in DIFC by way of a branch, which happened to be the bank’s 100th overseas office.