Bank of Baroda plans to set up an offshore branch in Singapore, open another branch in Houston (Texas) in the US and a representative office in Thailand as part of plans to expand business overseas.
The offshore branch in Singapore would be set up after obtaining necessary approval from the authorities in the host country. The branch would serve as a hub for the bank's proposed Asia-Pacific operations, BOB said in a release in Mumbai on Monday.
BOB has targeted to increase its footprint to 25 countries by 2006. Currently, it is operating in 19 countries with 57 offices and one joint venture having nine branches, it said.
The plans for setting up office in Thailand are in advanced stages and the state-owned bank is awaiting approval from US regulators for another branch in Houston, the release said.
The bank is awaiting the Reserve Bank's nod for opening offices in Bangladesh, Canada, Maldives, New Zealand, Sri Lanka, Trinidad and Tobago and expansion in UAE and UK in the first phase, it said.
It is also exploring to expand its operations in eastern Europe and west Africa, it said.
The international operations contribute about 15 per cent to the global business and 20 per cent of its global profits, it added.
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