Annual Report - Bank of Baroda

Overseas Expansion
During the year 2010-11, the Bank opened seven new branches/
offices (including the ones for its overseas subsidiaries). A
branch was opened at Ilford, Essex (U.K.) and five Electronic
Banking Service Units (EBSUs) in UAE at RAKIA, Ras Al
Khaimah, Al Qusais, Dubai, Sh. Zayed Road, Dubai, Al
Karama, Dubai and National Paints, Sharjah. The subsidiary in
New Zealand – Bank of Baroda (New Zealand) - commenced
operations with the opening of branch at Auckland.
Future Plans in Overseas Business
In order to serve the ever increasing expatriate Indian
population and corporates around the world and canvass
more diversified business for the Bank, ambitious overseas
expansion plans have been drawn by the Bank. It proposes to
further expand its network by opening additional branches in
countries where it is already present, and, also wants to enter
new territories. Steps have been initiated for opening of two
branches and two EBSUs in UAE, one branch in Oman and
one branch in Mauritius. The work related to the opening of
eight new branches of the subsidiaries is at an advanced stage.
The subsidiaries in Uganda, Kenya and New Zealand will be
opening two branches each and in Botswana and Guyana, one
additional branch will be opened.
The Bank’s applications for setting up of a subsidiary in
Suriname and Canada, opening of a branch in Qatar and
upgradation of a Representative Office in Australia to a branch
are under process by the host country regulators. The Bank
has already initiated steps for identification of new centres for
overseas expansion.
Syndication Centre
The Bank’s Global Syndication Centres at London and Dubai,
supported by the Offshore Banking Unit at Singapore and other
branches in major financial centres, are actively catering to
the needs of Indian and local corporates for Foreign Currency
funds. The International Merchant Banking Cell (IMBC), set up
at the Bank’s Corporate Office, Mumbai, plays an active role
in the business on account of raising of substantial resources
by Indian Corporates. The IMBC now actively participates in
the loan origination.
Products and Services
After implementation of the Core Banking Solution in its
overseas operations, the Bank launched various new products
and services to meet the requirements of diversified groups of
customers. New products, developed after extensive market
research, have found wide acceptability with local population.
Technology Upgradation in Overseas Operations
• The number of ATMs at overseas territories and
subsidiaries increased to 68 (42 onsite and 26 offsite) as
on 31st March, 2011 from 55 (36 onsite and 19 offsite) as
on 31st March, 2010.
• Global Treasury Solution was implemented at the
Bank’s operations in UK, UAE, Bahamas, Bahrain, Hong
Kong, Singapore and Belgium. The Bank’s subsidiary in
Uganda has also initiated process for implementation of
31
•
•
•
•
•
Jeeef