After a long wait and satisfactory completion of strenuous official procedures and requirements, Bank of Baroda is ready to open its first branch in Auckland.
The Branch, located at 114 Dominion Road in Mt Eden, is owned and operated by Bank of Baroda (NZ) Limited, a fully owned subsidiary of Bank of Baroda in India.
It is expected to open its doors for customers on or about June 25, 2010.
While the branch will begin functioning with an informal, ‘soft’ opening, a formal launch with invited guests is expected to be held next month, in the presence of Mangalore Devadas Mallya, Chairman & Managing Director of Bank of Baroda based in Mumbai, local Directors Dr Rajen Prasad and Vijaya Vaidyanath, other dignitaries, business and community leaders.
Bank of Baroda (NZ) Limited Managing Director Satish Kumar Vermani said while the branch was ready to receive customers, equipment testing, online connections and other related jobs were now under completion.
“We will begin banking transactions by June 25 if all systems are in place by then; we are hoping for the best,” he told Indian Newslink.
He said the Branch would provide trade finance, corporate banking, retail banking and conventional products and services.
“Our ATM located outside the Branch will also become operational with the successful completion of systems and procedures. The Bank of Baroda ATM Card will be accepted at hundreds of thousands of outlets throughout the world once we are ready,” he said.
As at the end of March 31, 2010, Bank of Baroda’s Capital and Reserves stood at $5.60 billion, while the Balance Sheet size was about $70 billion.
Total Deposits were $73.97 billion, while loans and advances were $53.70 billion.
The Bank had $18.77 billion in Investments and Reserves and Surplus of $4.52 billion.
Mr Mallya attributed the impressive growth to the re-orientation of the Bank’s staff at all its offices and branches.
“Each of our 36,000 employees functions as a banker and sales and marketing executive, keen to optimise customer satisfaction among our 36 million customers and enlist new clientele,” he had told this newspaper in an earlier interview.
Mr Vermani said New Zealand has good business potential and that he was hopeful of creating a niche for his Bank’s products and services.
“Offices and branches of Indian corporates, large, medium and small enterprises established, managed, operated and franchised by people of Indian origin and other New Zealand businesses hold promising prospects for our maiden venture there.
I am confident that with the experience and expertise gained over the past more than 100 years, our Bank will be able to create an impact in the New Zealand market,” he said.
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Photo:
1. Satish Vermani
2. An exterior view of the Branch Pictures for Indian Newslink by Bhavnesh Soni
