Finance Minister P Chidambaram has inaugurated the 100th overseas office of state-run Bank of Baroda at Dubai International Finance Centre (DIFC).
S S Mundra, chairman & managing director, V H Thatte, general manager (international operations) of the bank and other eminent dignitaries were present on the occasion on Thursday.
DIFC is an offshore financial centre strategically located between the East and the West that provides a secure and efficient platform for business and financial institutions to reach out to the emerging markets of the region.
With opening of this branch, the network of service outlets has gone up to 16 in UAE and 21 in GCC countries.
The bank will enjoy distinct advantages with opening of DIFC office which is a category-I offshore branch. The customers will also be immensely benefited as they will have a blend of experience of both on-shore and off-shore banking facilities.
Chidambaram congratulated the bank on this historic occasion and said that the UAE and India have been enjoying close and friendly relations based on well-integrated cultural ties.
"I am sure Bank of Baroda's branch in DIFC will make a significant contribution to reach the objectives of DIFC and live up to the expectations of the customers. This will further strengthen the Trade Flows and Investments between the two countries," he said.
Speaking on the occasion, Mundra highlighted the long and eventful journey of 105 years of the bank across 25 countries with presence in major financial centres, including New York, London, Brussels, Hong Kong, Singapore and Dubai.
Present in UAE since 1974, the bank offers full fledged banking services through six mainland branches, an offshore branch in DIFC, nine Electronic Banking Service Unit (EBSUs) and 34 ATMs.
Besides UAE, BoB has its presence in Oman (four branches) and Bahrain (one Wholesale Branch) in Gulf Cooperation Council (GCC) countries.
Mundra said that the bank emerged as a key market participant in the global banking landscape.
"Notwithstanding the challenging environment, the Bank has been able to harness the opportunities within the environment and sustain its qualitatively better performance.
"In all its core businesses, the Bank has put strategies in place that seek both to meet near-term goals and to seize opportunities to strengthen its way for the future," he said.