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Business News/ Industry / Banking/  Bank of Baroda to shut three overseas branches by June
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Bank of Baroda to shut three overseas branches by June

The three branches contribute less than a percentage each to the bank's consolidated business

Rationalisation of public sector bank (PSB) branches is part of the government’s initiative.Photo: Pradeep Gaur/MintPremium
Rationalisation of public sector bank (PSB) branches is part of the government’s initiative.Photo: Pradeep Gaur/Mint

New Delhi: State-owned Bank of Baroda will close down three overseas branches by June.

The bank in a regulatory filing said that as per the government guidelines for rationalisation of overseas presence, increase in efficiency and profitability of the overseas offices, it will close down branches in Guyana, Trinidad and Tobago and Ghana by June 30, 2019.

The three branches contribute less than a percentage each to the bank’s consolidated business.

Revenue from Ghana business stood at 75.31 crore, Trinidad and Tobago 23.90 crore and Guyana 26.38 crore, the bank said without specifying the period during which the revenue was generated from these entities.

Rationalisation of public sector bank (PSB) branches is part of the government’s initiative, approved on November 2017 as clean and responsible banking initiative.

As on January 31, 2018, PSBs had about 165 overseas branches, besides subsidiaries, joint ventures and representative offices. State Bank of India has the largest number of overseas branches (52), followed by Bank of Baroda (50) and Bank of India (29). The state-owned banks have the largest number of branches in the United Kingdom (32) followed by Hong Kong and the UAE (13 each) and Singapore (12).

Financial Services Secretary Rajiv Kumar in March said the PSBs will consolidate 35 overseas operations without affecting international presence of Indian banks in these countries.

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Published: 17 Dec 2018, 08:30 PM IST
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