The Bank of Baroda, India’s fourth largest bank, has confirmed plans to open an offshore subsidiary in the Isle of Man.
According to the Isle of Man Online, chief executive of the bank’s London operation, Bob Prabhaka has revealed that an application has been lodged with the banking authorities in India, and that a positive response is expected within the next three months.
It is anticipated that the Isle of Man branch will focus primarily on the UK market.
The Bank of Baroda has recently announced an extensive global expansion plan which will see it opening new branches in a number of countries and territories, including China, Malaysia, Thailand, Singapore, Hong Kong, Indonesia, Vietnam, New Zealand, Australia, Tanzania, North and South America and the United Arab Emirates.
The bank currently has 2,696 branches in India and 57 branches in 19 countries globally.
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