Bank of Baroda targets Africa expansion

The lender’s senior executives believe that the global economic crises could be favourable to the Indian banks operating overseas.

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.

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