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Bank of Baroda to open six mid-corporate branches in FY24
June 15, 2023
Bank of Baroda (BoB) is planning to open six mid-corporate branches across the country in FY24 as part of its strategy to focus more on mid-corporate advances.
The public sector bank opened 15 mid-corporate branches in FY23 for quick processing of corporate proposals and tap opportunities available in the segment, as per the Bank’s latest annual report.
Mid-corporate branches usually meet loan requirements of companies up to ₹100 crore.
The bank now has four mid-corporate clusters at strategic locations New Delhi (North), Chennai (South), Mumbai (West), and Kolkata (East).
Corporate credit in BoB is serviced through 30 specialised Corporate Financial Services (CFS) & Mid Corporate branches (MCB), which manage approximately 90 per cent of the total standard corporate credit portfolio of the Bank.
The corporate credit portfolio of the bank increased to ₹3,40,408 crore as on March 31, 2023, up 13.2 per cent over the March 31, 2022, level of ₹3,00,693 crore.
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