Bank of Baroda open to overseas acquisition

The country's third-largest public sector lender Bank of Baroda (BoB) today said it is open to overseas acquisition if a good opportunity comes across.

"If good opportunity is there, I will positively consider it," Bank of Baroda Chairman and Managing Director M D Mallya said when asked if the bank is open to acquisitions abroad.

"I am positive to it (acquisition) if there is a good opportunity in terms of valuation and strength," he told PTI.

The Mumbai-based bank has the largest overseas presence with about 76 offices in 26 countries.

"We are a strong bank....It has the capability. If the opportunity present itself, we will also react to it," he said.

Despite the downturn, the bank's overseas business contributed 23 per cent to net profit and 22.5 per cent to the bank's total business.

On organic expansion, Mallya said the bank has recently opened two branches in Trinidad & Tobago and plans to open another four branches shortly.

In the next couple of months two branches in Uganda would come up, he said, adding Malaysian venture is also planned during the year.