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Baroda bank says it has no grudges over 1967 nationalisations
2007-08-15 08:42:18
By Adam Ihucha, Arusha
The management of India`s International Bank of Baroda (BoB) says it has no grudges at all with the government of Tanzania over the nationalizations done without compensation during the `Arusha Declaration` way back in 1967.
The Arusha Declaration compelled BoB to close shop as most foreign owned businesses and firms, including financial institutions, were nationalised.
Prior to the stern move, BoB had three branches in Dar-es-salaam, Moshi and Mwanza.
Speaking over the weekend at the official opening of its first ever Arusha branch, located, hardly a kilometer east of the Arusha Declaration Monument, the Chairman and Managing Director of the BoB, Dr Anil Khandelwal said:
`Our resolve to open up a second branch, just a few meters from the Arusha Declaration monument is a clear show that we have no grudges with Tanzania for what had happened in 1967.`
The Arusha branch with a working capital of 10bn/- as stipulated by Bank of Tanzania for commercial banks to start in Tanzania, a full service bank branch, is equipped with state-of-the art technology and is connected through Core Banking Solution.
After 40 years of `exile` following the nationalization, the wholly owned subsidiary BoB Tanzania Ltd, has made a comeback in Tanzania’s northern safari capital of Arusha, taking the total tally of the public sector lender`s overseas offices to 64 spread across 21 countries.
The opening of Arusha branch, according to Dr Anil Khandelwal, is expected to consolidate the bank’s presence in the East African region and boost trade opportunities between India and East Africa.
`Tanzania was the only missing link in our vision to form a special EA Baroda Corporate network.` said the bank’s global Executive Director, V. Santhana Raman.
As it stands now, the India’s international bank is determined to make a robust presence in the historical town where the Arusha Declaration was made under which the Baroda group was compelled to depart Tanzania 40 years ago.
The Baroda banking operations were turned into the current National Micro-Finance Bank (NMB).
According to the BoB representative in Tanzania, Umakant K. Bijapur, after Arusha branch, the bank is currently working extra time to open up yet another branch in the Lake Zone city of Mwanza in the near future.
Bank of Baroda, the 5th largest in India boasts close to 30 million customers in the sub-continent alone, its start in Tanzania isn`t exactly a bad one either with over 5000 clients in just three years; Arusha itself has attracted about 1,000 new customers so far.
With a network of over 2800 branches and offices, and about 700 ATMs (ATM cards are provided free), Bank of Baroda formed in 1908, offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, credit cards and asset management.
In its international expansion Bank of Baroda
The Arusha Branch for India`s oldest bank which is now 100 years old, was officially inaugurated by retired Col.
Samuel Ndomba, the Regional Commissioner, an event which was also graced by Dr Anil Khandelwal the global Chairman and Managing Director for the Mumbai based financial institution and Prof. Mathew Luhanga the local BoB director for Tanzania.
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