Indian International banking and financial services, Bank of Baroda will shut down operations of three overseas branches in Africa by June next year.
According to the Bank, each branch has contributed less than a percentage to its overall business. Revenue from Ghana stood at 75.31 crore, Trinidad and Tobago 23.90 crore and Guyana 26.38 crore, respectively.
The Economic Times reports: “As on January 31, 2018, 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).”