BoB to open 5 more new branches abroad

Bank of Baroda (BoB) would open five new branches in Uganda, Trinidad and Malasiya during 2009-10, a top bank’s official said today.

Besides, BoB had opened four new branches in Guanghou (China), electronic banking unit at Mussaffah (UAE) and branches of subsidiaries at Kawempe (Uaganda) and Nakuru during 2008-09, BoB chairman and managing director M D Mallya said.

Mallya said Bank of Baroda, Indian Overseas Bank and Andhra Bank will also float a joint venture for opening a branch in New Zealand. The bank has 36 million customers in 25 countries.

Mallya was in the city today to attend the 13th annual general meeting of the bank, where he declared 90 per cent dividend for the shareholders. The bank implemented Core Banking Solution (CBS) at all the overseas centre except New York and Brussels in order to take maximum advantage of the state of art technology and provide quality products and services to the customers at a competitive prices, Mallya said.

Talking about the banks business plan for 2009-10, he said, the bank would continue to perform with thrust on growth with quality by focusing on low-cost deposits and prudent management cost of resources and by making every possible effort to protect the asset quality with affirm control on the process of credit origination.