Venkat Raman
Bank of Baroda New Zealand (BOB NZ) Limited hopes to reach its target of $100 million in business by the end of next financial year (March 31, 2016).
Prahlad Gupta, who took charge as Managing Director about three months ago, said that the Bank has made impressive progress since it commenced operations in June 2010 with a single branch in Mt Eden (114 Dominion Road), Auckland.
Since then the Bank has opened a branch each in South Auckland (Manukau) and Wellington, expanding its network of contacts and business.
“We are working towards reaching $100 million business by the end of March 2016. We are currently serving more than 10,000 customers,” Mr Gupta said.
High Technology
As well as providing state-of-the-art technology including internet banking, BOB NZ offers ATM Cards and ‘Visa Wave’ facility.
“The Bank does not charge any fee for cash withdrawals from ATMs in New Zealand. Among the developments of significance for the Bank are installation of EFTPOS machines in our branches and changing magnetic strip Debit Cards to Reader Cards,” Mr Gupta said.
“The Bank is poised to expand its wings further in the years to come,” he said but did not give details.
Global Bank
Established in 1908, Bank of Baroda is the largest public sector bank in India after the State Bank of India Group.
With a record of uninterrupted profits since its inception, the Bank is also distinguished for its excellent balance sheet management.
As at September 30, 2014, the total deposits of the Bank were about $120 billion, while total advances stood at about $82 billion. The Bank’s network accounts for more than 5000 branches in India and over 100 international branches in 24 countries with about 7000 ATMs.
“These figures take the business size of the Bank (in India and abroad) to more than $ 200 billion,” Mr Gupta said.
New Director
On another note, BOB NZ has announced the appointment of Claude Oberto to its Board of Directors based in Auckland.
A veteran of banking and finance, he has held a number of senior positions including Citibank New Zealand (Vice-President), HSBC New Zealand (Treasurer) and Financial Markets Authority New Zealand (for implementation of the Financial Advisers Act).
He is currently Managing Director of Orwell Union New Zealand, a financial services group, active in investment 
management and banking services. The Group develops services and solutions that are transformational in nature, focusing on customers’ positive experience.
Mr Oberto is a director on the board of a number of organisations including NZFAA (New Zealand Financial Advisers Association) and the Amanah KiwiSaver Fund, which was officially launched on January 31, 2015 (Related story appears on the front page of this issue).
