Indian bank to open branch in Auckland

Bank of Baroda, an Indian bank, wants to set up in New Zealand.

The Reserve Bank of New Zealand said today that it had received an application from the bank but declined to comment further on it.

Earlier National Business Review reported that Bank of Baroda wants to initially open a branch in Auckland and the bank has appointed a senior executive to head the branch. The bank would operate as a subsidiary company and offer a wide range of services. The report did not say whether they were wholesale or retail services.

There are 17 registered banks in New Zealand and anyone wanting to call themselves a bank must be registered.

Bank of Baroda has a presence in 61 countries and when the bank celebrated its centenary this year Fiji Prime Minister Commodore Voreqe Bainimarama issued a statement of congratulations.

He said the bank had played an important role in Fiji for 46 years.

- NZPA