2 Sep 2009

Indian bank to open in NZ

7:57 am on 2 September 2009

India's third largest public sector bank, the Bank of Baroda, is to open a branch in New Zealand by the end of the year.

The bank is the 19th to gain the Reserve Bank's clearance and register to operate here.

It registered with the Companies Office last year and will operate as the Bank of Beroda New Zealand - a subsidiary of its Indian parent.

The bank will set up its first branch in Auckland, before expanding into other cities.

The Bank of Beroda has 3000 branches in India and others in 25 countries, including Fiji and Australia.