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Bank of Baroda becomes a registered bank in New Zealand |
The Reserve Bank of New Zealand has given permission
to the Bank of Baroda to begin trading in the country, making it the nation's
19th registered bank. India's third-largest public sector bank first indicated
a desire to enter New Zealand when then-chairman Anil Kumar Khandelwel visited
the country in 2007, stuff.co.nz reports. The Mumbai-based lender's registration
was confirmed by the central bank on Monday. Bank of Baroda may open its first
branch in Auckland's Mt Roskill, according to reports. The bank's local operation,
which are is expected to begin near the end of the year, is going to target all
ethnic communities, not only Indian residents. Bank of Baroda is in some 70 countries,
including offices in Australia and Fiji, and is looking to continue expanding
its international operations with a joint venture to open a banking company in
Malaysia, according to its latest earnings report. Overseas business contributed
some 23 percent to the bank's operating profit. The parent company boosted its
net profit some 85 percent in the three months ended June 30 from the same period
a year earlier.
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