When will you be moving to New Zealand to take charge as the managing director?
By the first week of October, hopefully. I am waiting for my successor to relieve me in Australia.
What services will you start with?
We will provide all basic banking: retail banking, wholesale banking.
Including mortgages?
Yes, including mortgages and all other requirements of the society here.
What about the other more diversified financial services? Such as capital markets, in which you are in a very big way in India.?
Of course, of course, In India, yes. But here it will be step by step. Initially, we will not be going for capital market.
What has been your experience in Sydney?
As far as Sydney is concerned, I am getting good support. People are keenly waiting for an Indian bank to start its operation and as far as New Zealand is concerned, I am quite hopeful. The Indian Diaspora will be one of my focus, but we will try to serve all ethnic communities here and we will provide our products and service to the satisfaction and expectation of the local customers.
How did you think of coming here? How did that whole thing work out?
Bank of Baroda is an Indian international bank. We have wide presence across all parts of the world. It is part of our expansion programme. In Fiji, we have got presence of more than 40 years. Basically, the idea of moving to a country is the presence of Indian Diaspora. Once we go there, we serve all ethnic communities and this is how Bank of Baroda decided, our chairman decided, that we should move to New Zealand and an application was put up 2 years back and now we have got the license from Reserve Bank of New Zealand and shortly we will start our operations.
Was it easy to get the permission and set up operations?
Everybody was positive, very cooperative. Officials from Reserve Bank of New Zealand, were positive from the day one. We lodged our application and things went on very well and ultimately we got our license. We got registered on September 1 as 19th registered bank in New Zealand.
What is the volume of funding that you are starting with. What is your capital at start up?
As far as capital is concerned, Bank of Baroda is putting 40 million capital in.
Where is your office going to be?
To start with we will have first office in Auckland. We will try to set up our first branch and thereafter second branch also here and then after getting the response and after getting accustomed to the local regulatory requirements, we will think of expansion to Wellington and Christchurch.
Have you already identified some locations in Auckland?
No, not yet. We are in the process of finalising the location and premises.