BoB taps potential in power and insurance sectors of MP

Bank of Baroda (BoB) is tapping potential in large industries in Madhya Pradesh, particularly in the power sector. The bank is also exploring potential in the life insurance sector in the state. With an expectation of a growth of 26 per cent to close this financial year and expansion of its operations in Malaysia soon, the bank has plans to be aggressive in the Chinese market as well, MD Malya, chairman and managing director of the company, said here today.

“We are planning to tap each of the companies who are investing in Madhya Pradesh,” he said without naming the companies with which the bank is in the talks. He added, “we are expecting to grow by 26 per cent this year and will soon launch our Malaysia operations.” Essar, Anil Ambani-promoted ADAG group, Jaypee and Hindalco are setting up power and other big projects with more than committed combined investment of Rs 1.5 lakh crore in Madhya Pradesh.

However, the bank has yet to make ways in improving its services in many ways by opening more branches in Madhya Pradesh and Chhattisgarh. It has also targeted to reach areas where there is no banking services available. “We plan to open 20 more branches in MP and Chhattisgarh and 130 more by 2012.”