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Alok Misra, chairman and managing director of the bank, said the Dubai office marked the beginning of the bank’s global expansion drive.
“We are hopeful of obtaining full banking licence from the UAE Central Bank at a later stage,” he said. At present, Bank of Baroda is the only Indian bank that has got full-fledged banking operations in the UAE.
Misra said that for facilitating quick transfer of funds electronically, the bank has launched its “speed remittance facility”, that would enable instant money transfer to all branches of the bank across India.
OBC has a suite of products, backed by the bank’s strong technological base to cater to the non-resident Indian clientele. “In addition to the NRI savings, current and term deposit accounts, the bank will also open foreign currency non-resident accounts in designated currencies and resident foreign currency accounts for NRIs, Mira said.
“OBC has a wide network of branches. It has strong financial fundamentals and has been consistently paying dividend since its IPO in 1994,’’ he said. The dividend payout in 2008 was 47 per cent.
Arun Ramanathan, finance secretary in India’s ministry of finance, and Indian Ambassador to the UAE Talmiz Ahmad attended the inaugural ceremony.
The bank, which has a network of 1401 branches, will be adding another 100 branches within a year, Misra said. Total business of the bank, which is Rs1,600 billion currently, is expected to grow to Rs2,000 billion during the next one year, he said.
The bank has deposits of more than Rs940 billion, advances of over Rs660 billion and gross non-performing assets of 1.66 per cent and a net NPA of 0.76 per cent. “The bank is well capitalised with a capital adequacy ratio of 12.6 per cent,” he said.
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