Bank of Baroda establishes its presence in Sydney

Bank of Baroda has opened its representative office in Sydney on 21st September as part of its long term strategy for this region.

Pawan Kumar Bansal, Indian Minister of State for Finance visited Sydney for the occasion, which was also attended by Australian Prudential Regulatory Authority (APRA) Chairman John Laker, Bank of Baroda (BOB) Chairman Dr. Anil K.Khandelwal and other guests. A special red tilak was put on the forehead of the guests attending the ceremony.

Dr Khandelwal termed overseas expansion of the bank as a big necessity and said, “Australia is very important to India and this is just a time that a global bank like ours should have an office here. BOB is a 100 year old branch. We have 2750 branches in India and are opening 64th office abroad. We are opening 10 foreign offices this year alone. We are one of the most prominent banks in India and the first bank in the world to have 24 hour human banking where people are working 24 hours. Our global NPA is zero and we have a strong rating from regulators everywhere we have a presence.” He also mentioned London based Banker magazine’s rating which had BOB moving up 150 notches over other global banks from 416 to 256th position in a single year.  A separate section was devoted in this magazine to appreciate the rapid rise of Bank of Baroda within this group. High praise was showered upon Indian Consul General Sujan Chinoy who played a big role in assisting the bank set up its presence here.

“We are delighted in Australia to have a stronger Indian banking presence. India is a very big market for us even though sometimes the media focus has been on China.  Some of the Australian banks have off shored their operations to India. It is a competitive market that will generate a lot of opportunities for both Indian and Australian banks. This is a stepping stone for the representative office to have a bigger and more ambitious role. We have great pride in the banking system in Australia and think it is very well regulated”, said APRA Chairman John Laker speaking on the occasion.

Pawan Kumar Bansal said, “Banking sector reforms ushered have played a very significant role in passing the upsurge to the industry and the economy. It has a significant role in reaching out to people who remain on the outside of the banking circle and are important even for the development of the country. They need to infuse greater strength in them and must be compassionate. We look forward to foreign banks in opening branches in India.” Terming Bank of Baroda as an ambitious bank he said, “Out of 188 Indian bank branches outside India, 64 belong to the Bank of Baroda. It is inspired by the zeal to be a part of the world economy and BOB has taken this part very well.” He added, “We look forward to Australia as a great trade partner we feel the outward and inward flow between the two countries should be much more than the present. There is tremendous scope for foreign banks to expand in India and as they introduce new banking products. Banks now play a humungous role in the economy”.

Addressing the Australia-India Business Council Investors’ Meeting in Sydney earlier, Pawan Kumar Bansal said that India’s growing and stable investment climate present immense opportunities for Australian companies, particularly in energy and infrastructure sector. He said India offers a huge market and enormous business potential with a growing middle class in the country. It has also the potential to become trade and business center of South Asia and East Asia with its proposed regional trade agreements with several countries and trade blocks in the near future. He expressed the hope that Australia would find India as an attractive destination for business expansion plans mutually rewarding for both the countries.

Bank of Baroda was established in July 20, 1908, by the then Maharaja of Baroda Sir Sayajirao Gaekwad III in the princely state of Baroda, in Gujarat. In India the bank has a network of over 2,800 branches and offices, and about 700 ATMs.

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