BoB to raise Rs 1000 cr lower tier II capital

Hyderabad, Nov 3 (UNI) Public Sector Bank of Baroda (BoB) will raise Rs 1000 crore lower tier-II capital by March 2007 amid an expansion spree both in India and abroad, Bank Chairman and Managing Director Anil K Khandelwal said today.

The bank targeted a '30 plus' per cent growth from Rs 1.8 lakh crore to Rs two lakh crore by March 2007 and had already drawn a roadmap to add 100-new branches over the next three years.

It planned to increase retail exposure from 19 per cent to about 25 per cent and had positioned 'Retail Loan Factory' delivery concept for it, he said on the occasion of launching its 11th 'factory' here. It recently rolled out loan factory for SME segment.

With 60 offices across 21 countries, the Bank, whose foreign operation accounted for 18 per cent of its total business and 35 per cent profit planned to start new branches in Canada GCC Countries, New Zealand, Australia, South Africa and Carribean Island.

'If all goes well we should have a branch at Port of Spain by March 2007 before the World Cricket Cup', he said.

'It plans to foray into life insurance, stock broking, wealth management and on-line trading and is in talks with major players for forming joint ventures', he said.

UNI DB JJ 2019