BANKS worldwide are feeling the effects of the financial downturn, but for one financial institution, expansion is on the cards.
Bank of Baroda has said it will open 10 branches abroad, and recruit more staff.
“We plan to open 10 overseas and 150 new domestic branches during 2008-09 and recruit 2,000 more staff during the period,” said MD Mallya, chairman and managing director of the bank.
Over the past 12 months, the bank opened 11 overseas branches, possibly the largest overseas expansion in a year, by any Indian bank in history.
With a staff strength of over 36,000 Bank of Baroda serves 34 million customers globally and has 74 foreign offices in 25 countries, Mallya added.
The bank has also launched a remittance service which allows customers in the UK to send money to Indian bank account.
Customers using the ‘Baroda Click Funds2India’ service can transfer funds to any bank in India through Bank of Baroda at a nominal fee. The service is for free if the beneficiary’s account is with Bank of Baroda in India.
