Bank of Baroda to expand overseas network

Public sector Bank of Baroda (BoB) will expand its overseas network by increasing up its presence in Africa, Middle East and entering New Zealand for the first time, a top company official said.

"We want to increase our presence in the overseas market. We are present in 87 countries, which will go up to 100 by June 2012," BoB's Chairman and Managing Director M D Mallya said.

The bank would increase its presence in Africa and the Middle East, while it would enter New Zealand for the first time.

Regarding African operations, he told reporters last night that "every subsidiary is doing good business in Africa. A large chunk of our incremental growth will be coming from Africa".

The bank is expecting to clock a business volume of more than Rs 6,50,000 crore by the end of current financial year, he said adding it is looking at a growth of 24 per cent year-on-year.

After the government infuses a capital of Rs 775 crore in the bank, Mallya said the bank expects the capital adequacy ratio to go above 14 percent by end of March.