BoB to open office in China

In line with its global growth strategy, Bank of Baroda will open its representative office in Guangzhou, China, on June 28.

The growing Indo-China relations, economic cooperation and trade are leading many Indian companies to establish their presence in commercial cities of China and the trade volume in 2003-04 increased by 54 per cent to $7.597 billion, a BoB release said on Thursday.

Explaining the business potential, the bank said products from Guangzhou are exported to more than 190 countries with the Asian region accounting for 53 per cent of this share.

BoB is also going to open a representative office in Kuala Lumpur (Malaysia), and a fully owned subsidiary in Tanzania in the next few months.

The bank has received approvals from Reserve Bank of India for opening offshore banking unit in Singapore, representative office in Bangkok, Thailand and a branch in Houston (USA).

Necessary steps are being initiated to open these offices as early as possible, after obtaining necessary statutory regulatory approvals from the concerned authorities in these countries.

BoB has 61 overseas offices spread over 17 countries comprising 38 overseas branches including three offshore banking units and one mobile agency, six overseas subsidiaries and one joint venture.