The Bank of Baroda is increasing its international presence. The bank which already enjoys a prominence in 25 countries with 71 offices is planning to expand its overseas presence by opening up 10 more offices and branches during the current fiscal year. The bank is targeting the Gulf countries, Australia and China for expanding its overseas network.

Of the 71 branches, 46 are its own branches, 21 are the branches of its eight subsidiaries and four are representative offices in Malaysia, China, Thailand and Australia.

The bank’s new Chairman and Managing Director, Mr M.D. Mallya confirmed this news. The former Chairman and Managing Director of Bank of Maharashtra, was on an official visit to who Mangalore where he talked about this new development. He also said that said that these new offices would include branches of its subsidiaries and representative offices.

“Most of the overseas offices and branches are strong and have stabilised in the last few years. Our operations in Gulf are one among the strongest operations of any bank in that region. Our operations in London show the strong presence of an Indian bank in that region. The same is the case with our operations in New York,” he said.

The bank has special plans for its subsidiaries in Trinidad and Tobago. Mr Mallya believes that there is tremendous potential in that region, and it also enjoys a healthy Indian population. The bank, which opened a branch under its subsidiary in Trinidad and Tobago last year, is planning to open four more branches under the subsidiary. Noting that nearly 33 per cent of the population in Trinidad and Tobago was of Indian origin, Mallya said, “That means there is a good scope for improving our business there. We are proposing to open four more branches under the subsidiary in Trinidad and Tobago. The rest of the branches we may open in the Gulf, Australia, Africa and China.”

Right now, the bank is in the advanced stage of upgrading its representative office at Guangzhou in China into a full-fledged branch.

Mr Mallya, having joined the bank less than a month bank, has termed international operations as one of the mainstays of the bank, as they contribute nearly 20 per cent of the business and one-third of the net profit.