BoB to return to Tanzania after 37 years

Bank of Baroda (BoB) will be re-entering Tanzania after a gap of 37 years. It will be the only Indian bank to have its operations in Tanzania.

The public sector bank has chosen Tanzania to synergise its East African operations, in view of growing economic relations between India and Tanzania, and business opportunities, said a press note from the bank.

Indo-Tanzania bilateral trade is growing and registered a growth of 31 per cent in 2003-04 with total trade reaching $299 million. BoB had set up its first branch at Dar-Es-Salaam in 1956 and later opened two more branches. The bank's branches were nationalised in 1967 along with other foreign bank branches.

BoB is also awaiting approval from host country regulatory authorities for opening a branch in Houston, US. It has received approvals from Reserve Bank of India for opening an offshore banking unit in Singapore and will be opening a representative office in Bangkok, Thailand shortly.

BoB has 56 overseas offices in 18 countries comprising 38 overseas branches including three offshore banking units, one mobile agency, two representative offices and 16 branches of six overseas subsidiaries.

BoB also has one joint venture in Zambia, which has ten branches.