ISSUE
Friday, August 22, 2025
Volume 16 . Issue 73
The Mumbai-headquartered Bank of Baroda, one of India’s largest commercial banks has been awarded a licence by the reserve bank of New Zealand on September 1.
The bank is now all set to provide trade finance and other banking services when it opens its first branch in Auckland through a subsidiary of which Mr S.C. Vermani has been named the managing director.
Mr Rajiv Bakshi, the bank’s Executive Director is scheduled to visit New Zealand next week.
The bank has an extensive overseas presence among Indian financial institutions with some 76 offices in 26 countries. In the past year, despite the downturn, the bank’s overseas business contributed 23% to net profit and 22.5% to its total business. For the first quarter ended June 2009, it posted 85% growth in net profit compared with the same period a year ago.
The Bank has been in the Pacific region for nearly five decades having opened its first Pacific branch in Fiji in the early 1960s to serve the large and thriving Gujarati business community that had made the South Pacific country its home. It also has a presence in Australia.
It’s first overseas operation started in the early 1950s with an office in Mombassa in Kenya. The bank started by Maharaj Sayajirao Gaikwad of the then princely state of Baroda completed 100 years last year.
Its first New Zealand branch will be in central Auckland.
The Mumbai-headquartered Bank of Baroda, one of India’s largest commercial banks has been awarded a licence by the reserve bank of New Zealand on September 1.
The bank is now all set to provide trade finance and other banking services when it opens its first branch in Auckland through a...
The Mumbai-headquartered Bank of Baroda, one of India’s largest commercial banks has been awarded a licence by the reserve bank of New Zealand on September 1.
The bank is now all set to provide trade finance and other banking services when it opens its first branch in Auckland through a subsidiary of which Mr S.C. Vermani has been named the managing director.
Mr Rajiv Bakshi, the bank’s Executive Director is scheduled to visit New Zealand next week.
The bank has an extensive overseas presence among Indian financial institutions with some 76 offices in 26 countries. In the past year, despite the downturn, the bank’s overseas business contributed 23% to net profit and 22.5% to its total business. For the first quarter ended June 2009, it posted 85% growth in net profit compared with the same period a year ago.
The Bank has been in the Pacific region for nearly five decades having opened its first Pacific branch in Fiji in the early 1960s to serve the large and thriving Gujarati business community that had made the South Pacific country its home. It also has a presence in Australia.
It’s first overseas operation started in the early 1950s with an office in Mombassa in Kenya. The bank started by Maharaj Sayajirao Gaikwad of the then princely state of Baroda completed 100 years last year.
Its first New Zealand branch will be in central Auckland.
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