PUBLIC NOTICE

CLOSURE OF BANKING OPERATIONS IN SOUTH AFRICA

 

 

The Bank of Baroda wishes to inform valued customers and general public that in view of the Bank’s strategic plan for rationalization of the branches in international markets, the Management of the Bank has decided to cease the banking operations in South Africa territory.

 

The branch will stop taking new / incremental deposits and disbursing loans with effect from 1st March 2018.  Further it will cease to operate and conduct the business of a Bank with effect from 31st March 2018.

 

Customers are requested to contact their branches by 1st March 2018 for settlement of their accounts along with latest KYC documents.

 

A copy of this notice is also displayed on our website www.bankofbaroda.co.za.

 

Individual notices are being sent to depositors and borrowers separately.

 

The Bank of Baroda is committed to support its customers and employees through the transition and ensure least possible disruption.  We apologise for any inconvenience caused and thank you for your understanding and continued support during this period.

 

The Bank wishes to express its gratitude to the South African Reserve Bank for its assistance and guidance for the last 21 years.

The rate of interest on all the Current Account has been reduced to 2.00 % effective from 02.02.2018

About Us

Bank of Baroda, India’s international bank, was incorporated in India on 20 July 1908. It is an undertaking of the Government of India (GOI), which holds a majority shareholding, and is regulated by the Reserve Bank of India.

Bank of Baroda offers banking products and services to industrial, commercial, retail and agricultural customers in India. The bank’s business is divided into four major business units, namely Retail, Small Medium Enterprises (SME), Wholesale and Rural/Agricultural Business.

Deposits

Bank of Baroda South Africa offers customers range of deposit plans from which to choose.

Transfers

Bank of Baroda South Africa offers a variety of transfer options to customers.

Corporate Banking

Bank of Baroda South Africa boasts a strong network and a global reputation

International

Bank of Baroda’s global network in 26 countries is advantageous to customers who have personal/corporate relations with these countries.

Press Release

This press release is being issued in connection with certain news that has been published in the media  on our business relationship with entities controlled by the Gupta family, the clients of Bank of Baroda, South Africa.

In this regard we would like to clarify that the South African operations of Bank of Baroda (Bank) have always been conducted in accordance with the laws and regulations of the South African Reserve Bank and the Reserve Bank of India. We reiterate that the Bank has at all times acted in good faith and all activities of the Bank have been conducted in a professional and transparent manner.

The client relationship which is subject matter of the media reports is sub-judice and the Bank is also bound by client confidentiality. It is also the policy of the Bank to not comment on speculative reports.  The Bank, having due regard for all lawful requirements, remains  committed to cooperate with the regulators for all enquiries in this connection.