Banking News
- Indian bank to set up more branches
Date: 25-Jun-2007 Sources: (Shenzhen Daily)
BOUYED by stunning performance of its international operations, India's Bank of Baroda (BoB) has decided to spend more than US$50 million to set up two branches in China. It obtained a green signal from the China Banking Regulatory Commission (CBRC) to establish a branch in Guangzhou on Friday. The bank also wants to set up a branch in Shanghai. 'Our foreign branches account for 20 percent of the bank's total business. But they contributed 33 percent of our total net profi t last year,'Anil K. Khandelwal, BoB's chairman and managing director said. Net profi t of overseas branches rose 40 percent as compared to the bank's overall profi t growth of 26 percent.
Foreign operations saw a growth of 72 percent in business volume last year, he said. The bank plans to set up 10 foreign branches over the next one year, a record because it usually establishes only one or two overseas branches a year.
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