Bank of Baroda starts full-fledged operations
India’s Minister of State for Finance, Shri Namo Narain Meena, will officially inaugurate Bank of Baroda (NZ) in Auckland today.
M D Mallya, Chairman and Managing Director of Bank of Baroda, the bank’s Indian parent, will also be present for the inauguration, which will take place at the bank’s well appointed and conveniently located Dominion Road branch.
“Launching the first New Zealand Branch of the Bank is an important step in the global strategy for Bank of Baroda and we are pleased that an important facility to enhance trade and other links between New Zealand and India was being established,” Mr Mallya said.
Bank of Baroda New Zealand became the country’s nineteenth banking entity after receiving a licence to operate from the Reserve Bank of New Zealand on September 1, 2009. It began operations on June 24, 2010 and is the first Indian bank in New Zealand.
With the formal inauguration today, the bank will offer complete services including internet banking, the bank’s Managing Director Satish Vermani told Indian Weekender. “BOBNZ will offer the full range of banking facilities including various products on deposits and loans and advances and easily available remittance facilities to India,” Mr Vermani said.
“The Bank’s ‘Rapidfund2india’ facility is a unique product for instant transfer of funds. The electronic fund transfer does not have any intermediaries and the remittance can be made to any bank in India, which covers 60,000 branches besides Bank of Baroda’s own branches. The product is offered to the customers of the bank free of charge,” he added.
Bank of Baroda NZ is governed by the Board of Directors, headed by Chairman Mr. Mallya, who is also the Chairman and Managing Director of the parent Bank. Mr. Satish Vermani is the Managing Director.
The board also comprises of two independent Directors namely Dr. Rajen Prasad, MP and Ms Vijaya Vaidyanath.
The bank plans to open branches in other parts of Auckland and expand to the major cities of New Zealand. The bank’s head office and first branch is located at 114 Dominion Road, Mt Eden, Auckland.
Despite difficult financial times around the world, Bank of Baroda’s net profit went up 37.0% (year on year) to Rs 2,947.34 crore in the nine months from April to December last year. Income grew 22.5% to Rs 17,526.46 crore in the same period.
Bank of Baroda NZ’s state-of-art secure IT system is linked directly to its Indian branches and any money deposited in Auckland will be seamlessly available in any Bank of Baroda branch in India and vice versa. This is the reason why its leading personal remittance product Rapidfunds2India has been so popular with the NRI community.
The bank has its corporate headquarters in Mumbai. It was founded in 1908 in Baroda but was one of the earliest banks to have ventured overseas following the entrepreneurial Gujarati community around the world. Though new in New Zealand, it has been operating in Oceania since the 1950s when it opened its operations in Fiji.
From humble beginnings, the bank has grown to emerge as an Indian financial powerhouse. It has more than 1500 ATMs in addition to 3259 branches in its domestic operations in India alone. It has 78 overseas branches/foreign offices in 25 countries across 5 continents serving a global customer base of over 39 million. It has assets of over US$ 50 billion. Some 23% of the bank’s revenue comes from its overseas operations.
The bank has received a number of prestigious Indian and international awards like Bank of the Year for India from The Banker, London, UK; Business India’s Best Bank award for 2010; Dainik Bhaskar-DNA India Pride Award 2010 (a Silver Trophy); Dalal Street-KPMG DSIJ PSU award 2010; Financial Express Best Bank award under the Nationalised Banks category (a Runner-up Prize) and Innovative Brand Builder award by CMO Asia Awards, Singapore.
India’s Minister of State for Finance, Shri Namo Narain Meena, will officially inaugurate Bank of Baroda (NZ) in Auckland today.
M D Mallya, Chairman and Managing Director of Bank of Baroda, the bank’s Indian parent, will also be present for the inauguration, which will take place at the bank’s...
India’s Minister of State for Finance, Shri Namo Narain Meena, will officially inaugurate Bank of Baroda (NZ) in Auckland today.
M D Mallya, Chairman and Managing Director of Bank of Baroda, the bank’s Indian parent, will also be present for the inauguration, which will take place at the bank’s well appointed and conveniently located Dominion Road branch.
“Launching the first New Zealand Branch of the Bank is an important step in the global strategy for Bank of Baroda and we are pleased that an important facility to enhance trade and other links between New Zealand and India was being established,” Mr Mallya said.
Bank of Baroda New Zealand became the country’s nineteenth banking entity after receiving a licence to operate from the Reserve Bank of New Zealand on September 1, 2009. It began operations on June 24, 2010 and is the first Indian bank in New Zealand.
With the formal inauguration today, the bank will offer complete services including internet banking, the bank’s Managing Director Satish Vermani told Indian Weekender. “BOBNZ will offer the full range of banking facilities including various products on deposits and loans and advances and easily available remittance facilities to India,” Mr Vermani said.
“The Bank’s ‘Rapidfund2india’ facility is a unique product for instant transfer of funds. The electronic fund transfer does not have any intermediaries and the remittance can be made to any bank in India, which covers 60,000 branches besides Bank of Baroda’s own branches. The product is offered to the customers of the bank free of charge,” he added.
Bank of Baroda NZ is governed by the Board of Directors, headed by Chairman Mr. Mallya, who is also the Chairman and Managing Director of the parent Bank. Mr. Satish Vermani is the Managing Director.
The board also comprises of two independent Directors namely Dr. Rajen Prasad, MP and Ms Vijaya Vaidyanath.
The bank plans to open branches in other parts of Auckland and expand to the major cities of New Zealand. The bank’s head office and first branch is located at 114 Dominion Road, Mt Eden, Auckland.
Despite difficult financial times around the world, Bank of Baroda’s net profit went up 37.0% (year on year) to Rs 2,947.34 crore in the nine months from April to December last year. Income grew 22.5% to Rs 17,526.46 crore in the same period.
Bank of Baroda NZ’s state-of-art secure IT system is linked directly to its Indian branches and any money deposited in Auckland will be seamlessly available in any Bank of Baroda branch in India and vice versa. This is the reason why its leading personal remittance product Rapidfunds2India has been so popular with the NRI community.
The bank has its corporate headquarters in Mumbai. It was founded in 1908 in Baroda but was one of the earliest banks to have ventured overseas following the entrepreneurial Gujarati community around the world. Though new in New Zealand, it has been operating in Oceania since the 1950s when it opened its operations in Fiji.
From humble beginnings, the bank has grown to emerge as an Indian financial powerhouse. It has more than 1500 ATMs in addition to 3259 branches in its domestic operations in India alone. It has 78 overseas branches/foreign offices in 25 countries across 5 continents serving a global customer base of over 39 million. It has assets of over US$ 50 billion. Some 23% of the bank’s revenue comes from its overseas operations.
The bank has received a number of prestigious Indian and international awards like Bank of the Year for India from The Banker, London, UK; Business India’s Best Bank award for 2010; Dainik Bhaskar-DNA India Pride Award 2010 (a Silver Trophy); Dalal Street-KPMG DSIJ PSU award 2010; Financial Express Best Bank award under the Nationalised Banks category (a Runner-up Prize) and Innovative Brand Builder award by CMO Asia Awards, Singapore.
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