State-owned Bank of Baroda will close down three overseas branches in
Africa by June.The bank in a
regulatory filing said that as per the government guidelines for
rationalisation of overseas presence, increase in efficiency and profitability
of the overseas offices, it will close down branches in Guyana, Trinidad and
Tobago and Ghana by June 30, 2019.
The three branches
contribute less than a percentage each to the bank's consolidated business.Revenue from Ghana
business stood at Rs 75.31 crore, Trinidad and Tobago Rs 23.90 crore and Guyana
Rs 26.38 crore, the bank said without specifying the period during which the
revenue was generated from these entities.
Rationalisation of
public sector bank (PSB) branches is part of the government's initiative,
approved on November 2017 as clean and responsible banking initiative.
As on January 31, 2018,
PSBs had about 165 overseas branches, besides subsidiaries, joint ventures and
representative offices. State Bank of India has the largest number of overseas
branches (52), followed by Bank of Baroda (50) and Bank of India (29).
The
state-owned banks have the largest number of branches in the United Kingdom
(32) followed by Hong Kong and the UAE (13 each) and Singapore (12).
No comments:
Post a Comment