FM opens BoB's 100th global branch in Dubai

Finance Minister P Chidambaram inaugurated the 100th overseas office of state-run Bank of Baroda at Dubai International Finance Centre (DIFC) on Thursday. 

DIFC is an offshore financial centre strategically located between East and West that provides a secure and efficient platform for business and financial institutions to reach out to the emerging markets of the region.

With opening of this branch, the network of service outlets has gone up to 16 in UAE and 21 in GCC countries. The bank’s Chairman and Managing Director, S S Mundra, General Manager (International Operations), V H Thatte, of the bank and other eminent dignitaries were present on the occasion.

The bank will enjoy distinct advantages with the opening of the office, which is a category-I offshore branch. The customers will benefit by having access to both onshore & offshore banking facilities.

Chidambaram congratulated the bank on this historic occasion and said that the UAE and India have been enjoying close and friendly relations based on well-integrated cultural ties.

“I am sure Bank of Baroda’s branch in DIFC will make a significant contribution to reach the objectives of DIFC and live up to the expectations of the customers. This will further strengthen trade flows and investments between the two countries,” he said.
Mundra talked about the bank’s presence in 25 countries, including financial centres like New York, London, Brussels, Hong Kong, Singapore and Dubai.

Present in UAE since 1974, the bank offers full fledged banking services through six mainland branches, an offshore branch in DIFC, nine electronic banking service unit (EBSUs) and 34 ATMs.

Mundra said that the bank emerged as a key market participant in the global banking landscape. “Notwithstanding the challenging environment, the bank has been able to harness the opportunities within the environment and sustain its qualitatively better performance.

In all its core businesses, the Bank has put strategies in place that seek both to meet near-term goals and to seize opportunities to strengthen its way for the future,” he said.