Indian state-owned Bank of Baroda is to close down three branches across the world including Ghana by June 2019.
The three branches according to the Bank contribute less than a percentage each to the bank’s consolidated business.
Revenue from the Ghana business stood at a little over $1 million according to the bank.
The announcement of the closure in Ghana is coming with barely two weeks to the deadline for meeting the $82.3 million (400 million cedis) minimum capital requirement.
The Bank has over the years emerged as the most profitable bank in the country according to the 2017 Price water House Coopers Banking Survey report.
It had three branches in Ghana namely in the Capital Accra, Tema and Kumasi.
As at January 31, 2018, Public Sector Banks( 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).
India’s Financial Services Secretary Rajiv Kumar in March said the PSBs will consolidate 35 overseas operations without affecting international presence of Indian banks in these countries.
Source: Africafeeds.com
