BoB seeks permission to reopen two old branches in UAE

Written by Agencies | Dubai, June 30: | Updated: Jun 30 2008, 20:06pm hrs
Bank of Baroda (BoB), which is currently operating six branches in the UAE, has sought the permission of the country's Central Bank for reopening of two branches that were closed in 1987 due to a slowdown in the economy.

"The reopening of branches in Fujairah and Umm Al Quwain will help boost our presence in the UAE," BoB's chief executive of GCC Operations Ashok Kumar Gupta said.

Today the market conditions are different. The UAE and India are booming economies and offer plenty of growth opportunities, Gupta said, adding the branches were running at a loss for several years in a row and therefore was compelled to shut down.

BoB is currently operating six branches in the UAE two in Dubai and one each in Sharjah, Abu Dhabi, Al Ain and Ras Al Khaimah, besides two electronic banking service units (EBSUs) in Jebel Ali and Musaffah, Gupta was quoted as saying.

He said the bank has plans to open five more EBSUs and has sought the UAE Central Bank's permission for them too. The foreign exchange remittances to India from BoB's UAE operations witnessed almost a threefold increase during 2007-08 as compared to a year ago. "Last year, we added 22,000 new customers. We now have around 100,000 customers throughout the UAE," he said.

BoB has a significant international presence with a network of 72 offices in 25 countries including 46 branches.