Bank of Baroda has big global plans

After recording a net profit of about Rs1,000 crore (Rs 10 billion) in 2004, Bank of Baroda, the fourth largest public sector bank in India, has chalked out an ambitious plan to global in a big way, P S Shenoy chairman and managing director, BoB said.

"We plan to expand aggressively to keep pace with the Indian industries and services which are going abroad in a big way," he said.

The Bank, which opened its representative office in China recently plans to open more branches in China, Malaysia, Thailand, Singapore, Hong Kong, Indonesia, Vietnam, New Zealand, Australia, Tanzania, USA, South America besides UAE, he said on Monday.

The bank, with a staff strength of 40,000 has 2,696 branches in India and 57 branches in 19 countries globally.

"In the international operations we have done very well. All our international territories are profit-making," he said, adding that the Bank made a net profit of Rs 225 crore (Rs 2.25 billion) from its foreign operations.

"This year we have planned to reach a profit of Rs 300 crore (Rs 3 billion) in 2005, Rs 350 crore (Rs 3.5 billion) in 2006 through its foreign operations," he said.

"We want to become more visible in terms of offering products and sophistication of our business by introducing new products and introducing the latest technology in a big way in all our products."