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All-weather Bank remains high touch

Sophistication and modernisation cannot take away the traditional values of Bank of Baroda (BOB), its chairman S S Mundra said

“BOB will always be a high tech bank with a high touch (of personalised service). The fact that a good bank will always stand by its customers was proved during the recent economic meltdown,” he said, speaking at a dinner reception organised by Bank of Baroda (NZ) Limited at Sudima Auckland Airport Hotel on November 25, 2013.

Mr Mundra was on a brief visit to New Zealand to attend a meeting of the local board of directors and talk to staff and customers.

He said that BOB has followed the Indian Diaspora worldwide since the opening of its first overseas branch in Mombasa, Kenya in 1953. Since then, the Bank has grown with the community, accounting for 101 overseas branches and offices in 24 countries, apart from about 4600 branches located all over India.

“While we have stayed close to the community, some customers left us for locally established banks,” he said, citing London as an example. “They sought our services after these banks turned their backs on them at the start of the global financial crisis in 2008. We have always remained loyal to the Indian community,” Mr Mundra said.

According to him, BOB is neither a selective nor a fair weather bank but an institution that places customer care high on its priorities.

Emotional attachment

He said that involvement beyond the call of duty has distinguished BOB since its establishment 105 years ago.

“Such involvement, coupled by emotional attachment, makes our presence significant to the relationship between New Zealand and India,” he said.

Describing New Zealand as a ‘Ring-fenced banking centre,’ Mr Mundra said that the Reserve Bank of New Zealand follows the best banking practices, aimed at keeping the monetary system and the economy healthy.

“We consider this country as ‘New Growth Land’ for BOB. We have come here to stay and hence we look for gradual and steady growth. I am happy that the bank has made good progress within a short span of three years,” he said.

Impressive growth

Dr Rajen Prasad, Chairman of BOB (New Zealand) Limited, said that the bank had maintained healthy growth, accounting for 10,000 customers.

“With three branches, one each in Central Auckland, South Auckland and Wellington, we are well-positioned to serve our customers. Our major challenge is to develop products and services that suit the needs of New Zealanders,” he said.

Among the other speakers at the event were Managing Director Navin Upreti and directors Wenceslaus Anthony and Ranjna Patel.

Bank of Baroda at a Glance

Item

Sept, 2012

Sept. 30, 2013

Growth

Total Business

$137.86 billion

$162.36 billion

17.77%

Total Deposits

$80.34 billion

$95.46 billion

18.82%

Total Advances

$57.52 billion

$66.90 billion

16.30%

Capital Adequacy

12.67%

12.32%

Gross Profit

$ 0.861 billion

$0.901 billion

4.64%

Net Profit

$ 0.478 billion

$.0.460 billion

-3.77%

Branches (India)

3581

4584

Overseas*

89

101

Employees**

41000

41000

Customers**

40.5 million

50 million

(NZ$ 1= INR 50.80)

Notes:

Figures quoted above are in New Zealand Dollars. Figures have been rounded off for easy reading and hence percentages may not reflect actual figures, especially in view of the substantial difference in exchange rate of the Rupee during the period mentioned. For more details, visit www.bankofbaroda.co.in

*Includes branches and offices

** includes branches in India and branches and offices overseas

An Indian Newslink compilation ©

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