Jalandhar: Bank of Baroda (BoB) would soon enter into the insurance sector as well as in the field of estate management for which it would join hands with foreign companies.
“For insurance, a MoU is being finalised with UK-based famous company legal and general and for estate management, a joint venture with Italy-based pioneer group is planned,” Anil Kumar Khandelwal, chairman-cum-managing director said without mentioning the firms’ names.
Celebrating its centenary in the current year, Khandelwal said the bank has planned to open as many as 100 new branches out of which 10 would be opened in Punjab. BoB is a western Indian-based bank with branches mostly in western and eastern sectors, but now it plans to strengthen the bank in northern and southern India as well and majority of the planned new branches would be in these parts of the country only.
On the overseas expansion, he said that in the current financial year itself it has planned to open at least 10 branches abroad besides strengthening the existing overseas branches.
Regarding the policy of merger of banks, Khandelwal although advocated such mergers to meet the global challenges in the banking sector, he said for a concrete policy on merger, union government would have to chalk out a road map.
He added that currently bank is operating 1100 branches with the total business of Rs2,09,000 crore in the previous financial year with the target to achieve a figure of Rs2,60,000 crore in the current financial year.
As far as non-performing assets were concerned, the bank has reduced it to mere 0.68%, he said.