BOB opens branch at Singapore

Mumbai, Sep 20 (UNI) Union Finance Minister Palaniyappan Chidambaram inaugurated Bank of Baroda (BoB)'s 60th overseas office at Singapore yesterday.

Speaking on the occasion, Mr Chidambaram commended the Bank for its overseas operations having Nil Net Non Performing Assets and also for its various customer centric initiatives including 0800 hrs - 2000 hrs banking in Dubai.

In this context, he also commended the role of Public Sector Banks in the economic resurgence of India and emphasized that in the growing economy, the role of Banks is wide. He said that he had urged the Reserve Bank of India to permit more foreign banks in India on reciprocal basis so that Indian banks can also be found in every part of the globe.

Further, he stated that when foreign banks open more branches in India, it indicates that the confidence of that country in India has gone up.

Mr Chidambaram said that the soundness of Indian Banking system is the reason for India's economic growth.

BoB's Chairman and Managing Director Anil K Khandelwal in his address said, ''With the opening of Singapore Office of Bank of Baroda, the Bank's long presence in Africa and the Middle East along with the presence in Singapore will provide a seamless bridge on the two sides of Indian Ocean.'' He also said that Singapore might act as a hub for the Asia - Pacific region where the Bank is having its presence.

It may be mentioned that the Hong Kong Monetary Authority recently permitted the Bank to upgrade its operation from deposit taking company to a full fledged banking operations. Dr Kandelwal also mentioned that the Bank has planned to start operations in West Indies, Canada, New Zealand Australia, Qatar and Bahrain and upgrade its current operations from Representative Office to full fledged branch/subsidiary in China and Malaysia.

The High Commissioner of India in Singapore Alok Prasad welcomed the entry of Bank of Baroda in Singapore. Indian Banks in Singapore will have increasing role in the context of increased trade relations between India and Singapore after signing of Comprehensive Economic Cooperation Agreement (CECA).

UNI SN MJ SKB2000