Public sector lender Bank of Baroda has plans to set up 12 overseas branches this fiscal.

"By June, we will have a branch in Auckland and we will open our tenth branch in the United Kingdom. This fiscal, we also plan to expand in the African subcontinent and would open five branches there," M D Mallya, CMD of the bank said. The current scenario shows that the bank has 78 international branches which Mallya expects to rise to 90 by the end of this financial year.

The bank has recently been received banking license from Malaysia for opening a locally incorporated bank which would be jointly owned by BoB, Indian Overseas Bank and Andhra Bank.

BoB would be having a 40% stake in the bank while Indian Overseas Bank and Andhra Bank would hold a 35% and 25% stake, respectively.

"We would start operations soon. It may be possible that we start operation in 2010 itself," said Anil Girotra, executive director, Andhra Bank.

The bank also has plans of expanding in the Gulf region. "These outlets will be an extension of ATMs with a couple of people.The bank is not permitted to lend money but they can mobilise resources," Mallya said.

The bank would also be widening its branches in the domestic market. It has plans to open 400 branches in the country this fiscal. The bank has also identified areas in Uttar Pradesh and Rajasthan wherein it would undertake the process of financial inclusion.

The bank is also planning to go for a recruitment drive for around 3, 500 people this year. The bank expects a 25% growth in loan book this year. The capital requirement for the bank will be Rs 1,500 crore for the current fiscal, Mallya said.