A premier Indian bank, Bank of Baroda functions in the UAE with a full-fledged banking licence. After its inception in Mumbai in 1908, the bank has grown to become a multi-national institution. Using innovation, technology, financial prudence, and smart enterprise, the bank has grown exponentially through the years. Bank of Baroda celebrated its 114th Foundation Day on July 20 and marked 48 years of glorious banking presence in the UAE. The bank launched an additional 16 mobile banking features for its customers on the occasion of its Foundation Day.
Bank of Baroda began its journey beyond Indian borders in 1953, with the first international branch being set up in Mombasa, Kenya. In the UAE, the first branch was opened in 1974 and inaugurated in the presence of the late Sheikh Rashid bin Saeed Al Maktoum. The branch was set up on the back of the burgeoning migrant Indian population in the UAE. The basic purpose behind setting up its presence in the Middle East was to serve the expatriate community and connect Indian traders to UAE-based organisations and businessmen. The bank provides a number of non-resident Indians (NRIs) with financial and banking services.
Throughout Bank of Baroda’s UAE history, it has managed to build close, personal relationships with clients. Over a period of time, the bank has developed a synergy between Indian businessmen and local establishments. It has achieved tremendous growth in its retail banking segment consisting of home loans, property loans, as well as business loans. Currently, the Bank of Baroda has over 96 branches across 19 countries. It has also helped launch a number of companies within the UAE by providing timely investments to smaller businesses in order to help them grow.