Bank of Baroda’s Emirates operations booms 3-fold

Phenomenal growth in its United Arab Emirates operations has left the Bank of Baroda (BoB) eager to expand operations in the area.

According to BoB Chairman and Managing Director MD Mallya, the UAE business had grown three-fold in the past three years to become one of the best market segments of BoB which is present in 23 overseas markets through 76 branches.

In a report in Emirate Business, Mallya maintained BoB was keen to be present in all GCC markets.

"We are working on this and I am sure we will be there before long as we hope to get regulatory approvals from there," he said.

He also said Bank of Baroda was on an expansion drive and will be adding branches and markets to its 3,000-plus branch network. In the UAE, where adding new branches is considered improbable currently, the bank has acquired licences to open three electronic banking units.

Mallya said he was confident the UAE growth story would continue as the bank sought to tap all opportunities available in this market.

"We are currently catering to all top-line and bottom-line businesses. Achieving critical mass is very essential in a business such as banking," Mallya added.