Top Indian bank expands in Sydney

31 October 2012

One of India's leading banks will expand its current representative office in Sydney to a full branch, Premier Barry O'Farrell announced during his trade and investment mission to India.

The Bank of Baroda is one of the top five banks of India and has a network of 96 branches in 24 countries including a presence in the world's major financial centres - New York, London, Dubai, Hong Kong and Singapore.

"The Bank of Baroda's expansion in Sydney and NSW follows similar investments by the Union Bank of India, State Bank of India and the Punjab National Bank," Mr O'Farrell said.

"This investment puts Sydney and NSW in a strong position to benefit from rapid expansion of the Indian financial market. It also provides further opportunity for NSW to develop closer links with Indian companies and investors to support the NSW Government's efforts to drive trade and investment in one of our key priority overseas markets."

Mr M. D. Mallya, chairman and managing director of Bank of Baroda said the bank's expansion was further confirmation of Sydney's position as the financial capital of Australia.

"The Bank of Baroda's decision to expand its operations in Sydney represents a vote of confidence in the city as a major hub for the global financial services industry," he said.

"Sydney is uniquely positioned in the context of global finance and trade, enjoying deep economic, trade and cultural links with countries and markets in both the West and the East."