BoB’s GIFT City branch to outperform it’s London branch this year: MD
The business conducted by Bank of Baroda’s (BoB) GIFT City branch at International Financial Services Centre (IFSC) will not only overtake its own London branch this year, but will also stand at par with New York branch in the next three to five years, Sanjiv Chadha, Managing Director and CEO of the bank said during his visit to the GIFT City campus on Wednesday.
“After we started, GIFT City (branch) had a business — advances and deposits – that was just shy of USD 1 billion as on March 31, 2020. Over the last three years, we have built this business to more than USD 5.5 billion. Normally, over a five-year period, a bank’s business grows by 50-70 per cent. Here, we had a growth of 500 per cent,” said Chadha at the inauguratation of the new premises of BoB’s IFSC Banking Unit spread over 15,000 square feet in Brigade Tower. “As a result, the GIFT City branch has become the fourth largest overseas branch of the bank’s international operations, after New York, Dubai and London. We believe that this year itself, it should become the third largest in operations, surpassing London,” he added. GIFT City will be one of the two major important wholesale business centres for BoB, along with New York, for the next three to five years, he said.
