BOB eyes to acquire small-sized banks in Africa

Mumbai, July 19 (UNI) Leading public sector lender Bank of Baroda (BOB) is likely to acquire small-sized banks in Africa.

Speaking to reporters here today, Bank chairman Anil K Khandewal said the bank is open to acquisitions in areas affordable to it.

''We are already open to acquisitions of small-sized players, especially in Africa, where we can afford the deal'' However, Khandelwal didn't divulge the feasible size at which the bank plans the deal as ''it may affect our plans''.

Replying to queries on interest rates, Khandewal said the interest rates on credits should soften in near term as well as that on deposits.

''It may soften in near term. However, It is difficult to slash the credit rates as long as the rates on deposits are not reduced'', he said.

The chairman also hinted at a cut in rates but said it will not hurry on a decision in this regard.

BOB has a networth of Rs 8,436 crore with a capital adequacy ratio of 11.8 percent.

UNI