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Mon 23 Jul 2007 01:06 AM

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Bank of Baroda in Gulf expansion

The Indian bank plans to open new branches in Bahrain and Qatar during its centenary year.

Bank of Baroda is planning to expand its Gulf operations, opening new branches in Bahrain and Qatar, according to a report in India’s Economic Times.

CEO Ashok K Gupta told the newspaper that in its centenary year “The bank would be making its presence felt strongly in Bahrain, Kuwait, Qatar and Saudi Arabia, in addition to making forays into new markets outside the GCC.”

According to the report Bahrain operations are to launch by September, with talks currently underway with regulators in Qatar and ‘other’ Gulf nations.

BoB is the currently the only Indian bank with a UAE presence, the report says, posting a profit of Dh100 million last year. It plans to widen its ATM network across the Emirates from 14 to 25 – 30.

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