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Indian Bank marks first anniversary

Bank of Baroda completed one year of its establishment in New Zealand, to commemorate which, the company’s Auckland based Managing Director Satish Vermani hosted a reception at the Bank’s premises in Mt Eden (114 Dominion Road) on June 21, 2011.

A cross-section of the business community, predominantly of Indian origin, attended the event, at which Mr Vermani announced the opening of two more branches of the Bank, one each in South Auckland and Wellington.

The South Auckland branch, located at 726 Great South Road close to the Manukau City Centre will be located in a new building under construction, while the branch in the Capital will be housed at 55 Featherston Street, he said.

“The first year of the operations of our first and only branch in Auckland accounted for $20 million in total deposits and $10 million in advances. The branch made a modest net profit of $200,000, considered impressive,” he said.

Mr Vermani said the customer base also increased to more than 1500, with ‘Rapidfunds2India’ recording high growth.

“Apart from this remittance product, the Bank’s attractive deposit schemes offering competitive rates of interest, loans and advances have also been popular,” he said.


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