BoB to open branches in Singapore, West Indies

New Delhi, June 18 (UNI) Expanding its overseas operations, the Bank of Baroda (BoB) will set up one branch each in Singapore, West Indies and Canada by March 2007.

''We plan to open a branch or subsidiary in Singapore by September this year and West Indies by the year-end. We have already filed the application in Canada and hope to get the approval by March next year,'' BoB Chairman and Managing Director Anil K Khandelwal said.

On being asked about its expansion plans in the country, Mr Khandelwal said the BoB will open 100 branches in this fiscal.

He added that 28 per cent of the BoB's net profit came from its overseas operations in 2005-06.

It has a network of 59 offices in 21 countries including 39 branches of the bank, 17 branches of seven subsidiaries and three representative offices.

Talking about expansion of the BoB's online branches, Mr Khandelwal said the bank will start internet banking in 550 branches by September and about 1000 by March 2007. Currently, it has 150 branches online.

BoB opened a new branch at Leicester in the UK last year, being eighth in the country, taking its total overseas branches to 39 as on March 31, 2006.

Presenly, it has 2,704 branches operating within the country.

Bank's net profit stood at Rs 827 crore in 2005-06 as against Rs 677 crore in 2004-05, up by 22.18 per cent.

It recently opened representative offices in Malaysia, China and Thailand.

UNI PV CS BD1309