KEY POINTS:
Bank of Baroda, one of India's largest banks, is to set up in New Zealand.
The bank, which already has a presence in 25 countries including Fiji and Australia, confirmed yesterday it was looking at setting up a branch in Auckland by the year's end.
Satish Chander Vermani, assistant general manager at Baroda's Sydney office, said the bank had lodged an application with the Reserve Bank to operate in New Zealand.
"We expect by the end of this current year we should get the licence."
It intended setting up its first branch in Auckland.
One of India's big five banks, Baroda opened its first overseas branch in Mombasa, Kenya in 1953. It now has a network of 72 offices around the world, including in New York, London, Dubai, Hong Kong and Singapore.
Vermani said with branches in Fiji and a representative office in Sydney, New Zealand was the next logical extension in the bank's international expansion.
