(MENAFN - Khaleej Times) The UAE has emerged as the number one overseas territory of Bank of Baroda in terms of total volume of business and net profit and has maintained a CAGR of approximately 35 per cent in last three years registering a three fold increase in total volume of business even during the most tumultuous times.
This was announced by M.D. Mallya, chairman and managing director of Bank of Baroda, while talking to the media on Monday. He was on a five day visit to the UAE and which concluded on Tuesday.
"Bank of Baroda is truly aligned to the UAE economy and is instrumental in providing required financial services to all segments and is strongly committed to act as a catalyst to take the Indo-UAE bilateral relationship to the next level," Mallya said.
He said, "The GCC operations of the bank are dedicated to serve this great nation with enhanced passion and vigour."
V.H. Thatte, general manager of the bank's international operations, said that the bank has 96 branches in 24 countries.
The media briefing, attended by M.K. Lokesh, India's ambassador to the UAE, was followed by the customers meet. During deliberations and interaction at meeting, he emphasised on various strong points of the bank which have placed it in an enviable position in India, the UAE and elsewhere in the world.
Present in UAE since 1974, Bank of Baroda is the only Indian bank to offer full fledged banking services through six branches, eight EBSUs and 32 ATMs. Besides the UAE, the bank has its presence in Oman with four branches including Sohar branch opened on September 9 and one Wholesale Branch in Bahrain in other GCC countries.
The bank shall soon open an offshore branch at DIFC, Dubai. "The offshore and onshore presence of the bank will benefit Indian business and promote economic relations," Mallya said.
"The bank has demonstrated excellence as global leader in the banking sector of the world and has emerged as a key market differentiator in the banking landscape of the UAE," he said.
He said that the bank is one of the major connecting forces between the UAE and India in facilitating and promoting bilateral trade. The bank through its strategic tie up arrangement with Kizad, Jafza, DMCC, Rakia, Hamriya Free Zone etc provides end to end solutions to the upcoming units in the UAE.
Mallya said that the bank has reached a global business of 132.68 billion as on March 31, 2012 as against 66.32 billion recorded in 2008-09 maintaining the record of doubling the business every three years.
The bank has introduced mobile banking services in India which shall be rolled out to UAE in near future. The bank has implemented an Integrated Global Treasury Solution in its major territories like UK, UAE, Bahamas, Bahrain, Hong Kong, Singapore, Belgium, USA and India to achieve reduced cost of operations and better fund management.
The bank's Global Syndication Centres at London and Dubai, supported by the Offshore Banking Unit in Singapore and other branches in major financial centers, are actively catering to the needs of Indian and local corporate for foreign currency funds.
Bank of Baroda is a premier government owned bank of India with an extensive network of 3900 interconnected branches in India and global footprints with 95 branches/offices in 24 countries across five continents, catering to over 45 million customers around the world.