Bank of Baroda are withdrawing from South Africa

The Bank of Baroda building stands in Mumbai, India, on Wednesday, April 25, 2012. Savings in India rose 13.4 percent in the year through March 23, failing to keep pace with a 17 percent expansion in lending, according to data compiled by Bloomberg. Image Credits: Adeel Halim/Bloomberg via Getty Images

The Bank of Baroda are officially leaving South Africa, after informing the SA Reserve Bank of their intentions to depart.

The bank have become a recognisable name in this country following the state capture movements of the Gupta brothers. As reported by Sowetan Live, they had registered more than 20 accounts with the institution, but Baroda went on to take a stand against their corruption.

The Guptas lost an interdict seeking to compel the Bank of Baroda to keep allowing the family or their companies to bank with them. The bank then said that it would close the accounts of 20 Gupta-affiliated companies, including two coal mines, by the end of September 2017.

However, as clarified in a statement by SARB, Bank of Baroda are now shutting up shop in South Africa. They reassured all current clients that no depositor will be left disadvantaged, and that discussions are still ongoing between the two parties

“The Bank of Baroda has notified the Office of the Registrar of Banks of its exit from South Africa. The Registrar, which is part of the South African Reserve Bank (SARB), is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged. At this stage, the SARB has no further comments on the matter.”

[Source: Sowetan Live]


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