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Bank of Baroda may close 1 Hong Kong branch

Bank of Baroda may be shutting its branch in Hong Kong and representative office in Thailand. The bank feels this is necessary to rationalize its operations abroad. According to news reports, the bank intends to strengthen its Hong Kong operations with the remaining branch although it considers Hong Kong to be a key financial hub in Asia. The bank had set up its operations in Hong Kong through a joint venture with two other banks in 1980 but in 1999, it had acquired the stakes of the JV partners. Subsequently, it received a banking license to have branch there. The bank has 59 branches in 15 countries and 8 subsidiaries having 47 branches, one JV, and one associate with 31 branches. Its international business contributed 24.98% of its total business in the second quarter of FY 2018 and its total global business at end of September 2017 was Rs 2.4 lakh crore, with deposits of Rs 1.35 lakh crore and net advances of Rs 1.06 lakh crore.

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