Bank of Baroda plans to operate from Houston

19 Mar 2010, 0255 hrs IST,
Source:PTI
   
HOUSTON: Bank of Baroda plans to open a branch 

here to serve the growing number of Indian origin 

customers and expand its services in theUS.

Bank of Baroda, which dubs itself as "India's international bank," has a history of providing financial services for Indian expatriates.

It has now approached the Texas Department of Banking to provide small business services targeting the Indian American community here. "The Houston branch will enable Bank of Baroda to better serve the needs of the large and growing number of persons of Indian origin," a bank document said.

"The branch proposes to reach out to small businesses in the local area to provide timely and adequate assistance with starting their business by utilising the small business administration (SBA) facility," according to the filing before the Texas Department of Banking.

Indian Americans feel that the opening of the branch could usher in a positive tone and lead various other financial institutions to establish their presence in Houston.

The state's regulatory body still has to process the application, which can take weeks or even months. The bank has also filed an application with the Board of Governors of the Federal Reserve System.

The bank has 42 overseas branches and operates 17 retail banking subsidiaries, located primarily in Africa.

K D Lamba, chief executive officer and general manager of the bank's New York-based US operations, will head a four-person staff in Houston until a formal branch manager is appointed, the application stated.

However, this filing isn't the first time the bank's US wing has submitted an application to move into the Houston market. The institution filed and then withdrew an application to set up a local branch in 2009.