Bank of Baroda to raise Rs 1000cr tier-II capital
Mumbai, Nov 20: The public sector Bank of Baroda (BoB) plans to raise Tier-II capital of Rs 1000 crore and also plans to start operations in 10 additional countries to ramp up its overseas presence.
Announcing this to BSE, the bank's release issued here quoting its Chairman&Managing Director Anil K Khandelwal said that the capital would be raised in two months. He added that the bank would start wealth management services in India and abroad soon. Meanwhile, RBI has given the bank license to operate in 10 more countries, including Canada, New Zealand, Australia, Ghana, Sri Lanka and Bangladesh.
Presently, overseas operations account for 18 per cent of the bank's total business and 35 per cent of the total net profit. One of the major focus areas of expansion is the Gulf region. BoB is the only Indian bank present in UAE (six branches). It intends to open a branch in Kuwait.