BoB eyes takeovers in south, east

Bank of Baroda (BoB) is eyeing to take over a bank with a stronger network and presence in eastern and southern India.

BoB has a strong presence in the western and northern parts of the country with 2,706 branches across the nation. Of this around 1,000 branches are located in metro and urban areas and over 1,800 in semi-urban and rural areas.

The bank also has presence in 16 countries through 61 establishments, representative branches or own establishments.

"We are looking for a bank to acquire to strengthen our presence in the eastern and southern parts. At present BoB receives a major chunk of business from Gujarat, Maharashtra and Rajasthan. We would like to have the largest possible network in India when we enter the international arena," said K Ramakrishnan, executive director, BoB.

Ramakrishnan was in Ahmedabad on Saturday to attend a valedictory function organised for the bank's senior officials at the Indian Institute of Ahmedabad.

"BoB is awaiting for the right opportunity. The merger should provide us geogrophicals synergy. A bank with around 1,500-2,000 branches would fit BoB's need."

The first branch of BoB was opened in Vadodara by Sir Sayajirao Gaekwad, than rulers of Vadodara state, in the pre-independence era.

On the Global Trust Bank's merger with Oriental Bank of Commerce, Ramakrishnan said: "We are not interested in merging a weaker bank with BoB. The bottomline should not be affected due to the merger."