Bank of Baroda seeks qualified personnel

First branch to open early next year

One of the largest commercial banks of India is seeking to appoint qualified and experienced bankers to be employed at its first branch in New Zealand, which is expected to become operational in February 2010 on 114 Dominion Road in Mt Eden.

The Bank of Baroda New Zealand Limited, a fully owned Subsidiary of the Bank, will manage the New Zealand operations.

Satish Kumar Vermani, Managing Director of the Subsidiary has now settled in Auckland and is attending to preliminary tasks along with Ashok Bhadauria, a senior manager posted to the New Zealand Subsidiary.

Mr Vermani said the first branch would account for a complement of 12 staff, including four persons posted from India or elsewhere.

“We will appoint up to eight persons to look after various operations of the branch. We do not plan to advertise and hence those who believe they have the requisite experience and qualifications may apply. Applications, accompanied by a CV and appropriate references, should be sent by email on or before December 31, 2009 to md.nz@bankofbaroda.com,” he said.

Mr Vermani said the Branch would begin functioning from early next year, with a ‘grand inaugural’ planned later to coincide with the visit of Mangalore Devadas Mallya and others from India.

The Bank has appointed Labour MP Dr Rajen Prasad and Waitakere City Council Chief Executive Vijaya Vaidyanath as Directors of the Subsidiary.

Mr Vermani said the Branch will provide all major services including corporate, retail and private banking, trade finance, loans, foreign exchange transactions and remittances.

“Our focus would be to serve not only the Indian community but all businesses and ethnic groups. We are an international banking institution,” he said.

Mr Vermani said the bank will be a strong competitor to other well-established banks in New Zealand, aiming to offer customers ‘best products and services.’

“State-of-the-art products and services such as ATM Cards and Internet Banking will be available from the day of opening,” he said.

Bank of Baroda entered into life insurance business last month with the establishment of ‘IndiaFirst Life Insurance Co Ltd,’ a joint venture with Andhra Bank (another state-owned commercial bank with total business of about $37 billion) and Legal & General (UK) Ltd (a London based financial services company with a net income of $2.53 billion in 2008).

The joint venture, in which the bank has majority shareholding of 44% (with Andhra Bank and Legal & General holding respectively 30% and 26% shares), will enable it to offer life insurance products to its 36 million customers through 3700 branches and offices located throughout India.

Mr Mallya said banking was one of the best platforms to reach out to the people, especially in semi-urban and rural areas, which have immense potential for insurance.

“Our foray into life insurance business through this joint venture route will help our customers to access insurance products at one place at the branches of the Bank. The Company will initially follow the ‘Bancassurance Model’ (a combination of banking and insurance services offered by commercial banks), offering a wide range of products and services,” he said.

On a related note, ‘Brand Finance,’ a global brand valuation firm, placed Bank of Baroda 34th (up from 39) in its Top 50 Most Valuable Brands of India (2009) List.

The brand is now valued at $US 466 million, accounting for 11 % increase from last year.

The picture here shows Bank of Baroda Chairman & Managing Director M D Mallya,  with Andhra Bank Chairman R  S  Reddy, Legal & General UK Ltd Group International Director Gareth Hoskin and IndiaFirst Life Insurance Co Ltd Chief Executive Dr P Nandagopal at the launch of the new corporate identity of the new company.