BoB targets Rs 300,000 cr biz by 2010

Public sector lender Bank of Baroda on Thursday said it was targeting to increase business by almost 50 per cent to Rs 300,000 crore (Rs 3000 billion) by 2010, while also expanding international operations and acquiring banks overseas.

BoB chairman and managing director Anil Khandelwal said the bank has already crossed Rs 2,00,000 crore (Rs 2000 billion) in business and has set a target to cross the Rs 3,00,000 crore mark by 2010.

Khandelwal, who was speaking on the occasion of the bank's centenary year celebrations, was buoyant on BoB's international operations and expected this segment to grow at a healthy 35-40 per cent in the next three years.

"By March 2008, we expect to have 71 offices in 25 countries, including in new locations like New Zealand and Canada," he said. The bank was also looking at an overseas acquisition of a small bank, especially in east Africa, he said.

Khandelwal also expects a credit growth of 22-25 per cent year-on-year, given the robust economic growth achieved by the country. On consolidation of its subsidiaries like BoBCards, Khandelwal said the bank was evaluating two options - either roping in a partner or a merger of BobCards with the bank.

"We are closely looking at both these options. We require a good partner who can jack up the business very fast and bring in marketing and technology expertise," he said.