Media Release
Sharjah, Feb 1: The 8th electronic banking service unit (EBSU) of Bank of Baroda was inaugurated by Dr Rashid Al Leem, director general, Hamiriya Free Zone Authority here on Tuesday January 31.
The bank has an existing tie-up arrangement with Hamiriya Free Zone Authority (HFZA) for promoting and financing the units in Hamiriya Free Zone.
With the opening of this EBSU, the bank strives to render banking services at the doorsteps of units operating at HFZ, thus fructifying the joint initiatives of HFZA and Bank of Baroda to promote the projects operating / coming up in HFZ. The EBSU will meet the day-to-day banking requirements of customers in HFZ.
Speaking on the occasion, K V Rama Moorthy, chief executive of the bank said that Bank of Baroda is a leading commercial bank of India with extensive network of 3600+ branches in India and global footprints with 87 branches/offices in 26 countries across five continents, catering to over 41 million customers around the world. Present in UAE since 1974 Bank of Baroda is the only Indian Bank to offer full-fledged banking services through six branches and eight EBSUs connected online with Indian branches and 30 ATMs. As part of its growth strategy, Bank of Baroda is aiming to expand its network in other GCC countries, and open more EBSUs in the UAE.
In the Gulf, besides the UAE, the Bank has its presence in Oman and Bahrain. The Bank will shortly open an offshore branch in DIFC, Dubai and a full-fledged branch in Sohar, Oman.The bank has its presence in the world's major financial centres - New York, London, Brussels, Dubai, Hong Kong and Singapore, he said.
Rama Moorthy further said that that the bank will be able to help corporates in setting up their projects from the conceptual stage itself and provide them end to end solutions. Bank of Baroda is very active in project financing, SME financing, trade finance, treasury services. For a project of large size, the bank through its Syndication centre takes full responsibility of arranging funds by underwriting/arranging loans. In addition to the project finance, corporates can look forward for their entire banking requirements, including working capital limits. The Bank offers the entire range of banking products to corporates under one roof.
"The Bank offers a wide range of products and services for all segments. In UAE we have been continuously introducing innovative products and services. With services like 8 am to 8 pm banking, Internet banking, any branch banking, Friday remittance, Bank of Baroda strives to serve its customers in an outstanding manner," he added.
Bank of Baroda believes in nurturing it’s customers for a long lasting relationship by serving them competitively with transparency, reliability and efficiency, he said.