Bank of Baroda (BoB) known as India’s International Bank, is one of the oldest Indian Banks currently operating in UK. Bank is presently catering it’s wholesale banking services through its London Branch and Retail Banking services through it’s UK registered subsidiary, Bank of Baroda (UK) Limited. Now, under the leadership of Mr. Sanjay Grover, it is poised for a digital overhaul at a time when the country's high street banks are challenged by the 'tap-and-go' digital trendsetter Fintech Banks.
“Our current target is to 'tap' into the local mainstream customer base with our particular focus on retail business development especially now that we are operating as an independent subsidiary.
“Our long term vision comprises building a separate retail asset and liability pool. London continues to be a financial hub of the world- with or without Brexit- and we are designing products to cater to the digital requirements of our customers,” said Sanjay Grover, Managing Director, Bank of Baroda (UK) Limited.
In today's Brexit-driven economy, the fever of online banking has not even spared one of the UK registered bank has recently announced the closure of 140 of its branches. In the meantime, fears of a no-deal Brexit has resulted in Sterling slumping to a two-year low against the Rupee with the exchange rate hovering between Rs.85.00 to Rs.87.00 from a five-year high of Rs.105 and two-year high of Rs.98. But the increasing volatility in the foreign currency market does not flutter Sanjay's financial prudence who has had an extensive career spearheading the department of Treasury at the BoB, India. Sanjay Grover has served as Chairman, Forex Association of India (FAI) which is affiliated to Association of Combiste Internationale, Paris during FY 2013-14. He has also served as Board Member of FIMMDA (Fixed Income Money Market & Derivatives Association, India). Serving as the former Dealer Treasury BOB Dubai operations and Head, BoB Mumbai's Specialised Integrated Treasury department for close to half a decade, Grover is optimistic that the Sterling would soon gain its footing with the market already “discounting the negative Brexit factor”.
“We offer competitive exchange rates in comparison with the on-going market rates through our remittances schemes such as 'RapidFunds2India’ and Baroda Click Funds2India. We also provide special rates to those customers whose transaction volumes have crossed a particular threshold,” he said.
Apart from their remittance schemes, their Personal Savings and Business Account benefits allow customers to make cash and cheque deposits at all UK branches of NatWest. But the Bank's most distinct feature revolves around the innovative 'Baroda Smart Sweep' savings product. This feature automatically sweeps the customer's spare money into a higher interest earning fixed-term account and then sweeps it back to the current account whenever they need it. 'Baroda Smart Sweep' savings and current account allows customers access to liquidity when they need it and provides higher returns on their money otherwise.
Bank of Baroda (UK) Limited has a total of 10 branches across Leicester, Manchester, Birmingham, and London. Through its Wholesale Banking, London Branch, BoB is an active player in Corporate Banking arrangement, participation, and underwriting of Syndicated loan transactions in both the primary and secondary markets.
For any further information and may visit our bank website: https://www.bankofbarodauk.com
