Business

Bank of Baroda opens Four Mid-Corporate Cluster Offices across the country

The mid-corporate vertical caters to companies seeking credit facilities of up to Rs 250 crore, while the large corporate vertical handles business above that.

Bank of Baroda (Bank), one of India’s leading public sector banks, today announced that it has opened four Mid-Corporate Cluster Offices spread across four zones – in Mumbai, New Delhi, Chennai and Kolkata.

In line with the Bank’s strategy to sharpen its focus on this segment, each Mid-Corporate Cluster Office will oversee a set of specialised branches in each zone catering exclusively to mid-sized corporates.

  • Each Mid-Corporate Cluster Office will manage a set of specialised branches
  • The Bank is pursuing a focused approach to grow its presence in the mid-corporate segment

In a strategic move, the Bank recently reorganised its corporate banking model. The corporate banking vertical has been divided into two units — large corporates and mid-corporates – to effectively serve both customer segments.

The mid-corporate vertical caters to companies seeking credit facilities of up to Rs 250 crore, while the large corporate vertical handles business above that.

“As economic activity picks up along with an acceleration in credit growth, we believe that the mid-corporate segment is where a significant opportunity lies. There is an increase in demand for credit by mid-sized companies; at the same time this segment is largely untapped. Our focus is on building a quality mid-corporate loan book in a calibrated and sustainable manner. The aim is to grow our mid-corporate portfolio in double digits in FY2023.”

Shri Debadatta Chand, Executive Director, Bank of Baroda said,

The Bank will strengthen its operating model and branch network to tap mid-sized corporates and plans to open dedicated branches across the country.

These branches will provide a comprehensive range of solutions and will ensure a faster turnaround time in the credit decision making process. The Bank is also in the process of hiring over 300 specialised Relationship Managers (RMs) and Credit Analysts to serve customers.

About Bank of Baroda

Bank of Baroda, founded on July 20, 1908 by Sir Maharaja Sayajirao Gaekwad III, is one of India’s largest commercial banks.

The Government of India controls 63.97% of the company. The bank services its 150 million global customers through over 46,000 touch points distributed throughout 17 countries and five continents.

It offers all banking products and services in a fluid and hassle-free manner through its cutting-edge digital banking platforms.

The recently released bob World mobile app offers consumers a savings, investing, borrowing, and shopping experience all in one app. The software also assists non-customers by allowing account opening via video KYC. T

he vision of the bank corresponds to its varied clientele base and instils trust and security. It is making good progress in this area, and bob World is proof of its Digital Transformation agenda.
This article was shared with Prittle Prattle News as a Press Release.
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