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Bank of Baroda New Zealand over the decade

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Indian Newslink, May 15, 2007

Breaking News

Bank of Baroda plans New Zealand subsidiary

Bank of Baroda (BOB), India’s third largest commercial bank is considering opening a subsidiary office in New Zealand, its chairman and managing director Dr Anil Kumar Khandelwal told Indian Newslink.

“The proposed entity, perhaps called, ‘The Bank of Baroda (NZ) Ltd’ will be a fully-owned subsidiary of the Bank and would eventually offer comprehensive banking services,” he said during his visit to New Zealand last week.

“I hope we can establish our presence here in 2007, which is our centenary year.”

It would be a while before the bank establishes its physical presence in the country, since an application is yet to be filed with the Reserve Bank of New Zealand (RBNZ) after obtaining appropriate permission from the Reserve Bank of India.

But Dr Khandelwal was confident that the formalities could be completed in about six months, paving the way for the establishment of the subsidiary by the year end.

The bank recently opened its representative office across the Tasman and its Sydney based chief representative D K Garg accompanied him to New Zealand.

Dr Khandelwal discussed the formalities to be pursued and the statutory requirements with RBNZ deputy governor Grant Spencer and other officials in Wellington.

He later met Indian high commissioner Kadakath Pathrose Ernest and assessed him of the nature of the discussions.

“The response has been positive and we will now go ahead with the due diligence process. New Zealand has immense potential for BOB and we look forward to not only serving the growing Indian community but also other ethnic groups and businesses,” Dr Khandelwal said.

Indian Newslink, October 1, 2009

Bank of Baroda opens job opportunities

The first branch of Bank of Baroda (BoB), expected to open shortly in Auckland, will create job opportunities for New Zealand citizens and permanent residents with requisite aptitude and experience, Chairman and Managing Director Mangalore Devadas Mallya said.

“We envisage appointing up to 12 persons, of which perhaps four will be sent on deputation from India or other offices and branches operating overseas. The remaining will be recruited locally,” he told Indian Newslink during an interview from Mumbai last night.

“The reason for our impressive growth over the past year is the re-orientation of our staff at 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 said.

Mr Mallya said he would expect a similar performance from the staff recruited locally for the New Zealand operations.

“New Zealand has good business potential and we are hopeful of creating a niche for our 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 101 years, BoB will be able to create an impact in the New Zealand market,” he said.

Indian Newslink, July 1, 2010

Bank of Baroda commences business

The first branch of Bank of Baroda has commenced ‘limited’ operations at its premises at 114 Dominion Road in Mt Eden, close to the Central Business District of Auckland City.

Satish Vermani, Managing Director of Bank of Baroda (NZ) Limited, a wholly owned subsidiary of Bank of Baroda, India, said the ‘soft opening’ on June 25 has generated widespread interest among businesses and individuals.

“Our technical and computer experts, who have arrived from India are still testing various systems to ensure trouble-free operations. These include the acceptance of ATM cards issued in New Zealand and worldwide branches of the bank at outlets throughout the country and other banking transactions,” he said.

Indian Newslink, February 15, 2011

Bank of Baroda brings Indian flavour to New Zealand

Bank of Baroda (BOB) brought the flavour of Indian banking to New Zealand with the official opening of its wholly owned subsidiary, Bank of Baroda (NZ) Limited and its first branch in Auckland on February 4, 2011.

Tailored bank products- Mallya with Directors WebIt was in fact ‘BOB Day,’ beginning in the morning with a formal ceremony held in the presence of India’s Minister of State for Finance Namo Narain Meena, BOB Chairman & Managing Director Mangalore Devadas Mallya, General Manager International Operations Vivek Hari Thatte, BOB NZ Managing Director Satish Vermani, local Directors Dr Rajen Prasad, Vijaya Vaidyanath and 200 other guests.

The inaugural ceremony, held at the Bank’s impressive new offices at 114 Dominion Road in Mt Eden set the pace for the course of the Bank in this country.

“Pubic response since our ‘soft-opening’ in June 2010 has been enthusiastic and encouraging, giving us the confidence to look forward to a bright future. As we understand the local market conditions and the needs of our customers, we should be able to provide tailor-made products and services to the banking pubic in New Zealand,” Mr Mallya said at the inaugural ceremony, a media conference that followed and at a business lunch held at Stamford Plaza Hotel.

Photo:

  1. Mr Meena inaugurating the first branch of Bank of Baroda NZ Limited on February 4, 2011, watched by Mr Mallya (to his right), Mr Vermani and others.
  2. Messers Mallya and Vermani with Dr Rajen Prasad and Vijaya Vaidyanath, the first two independent Directors of Bank of Baroda (NZ) Limited on February 4, 2011.

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