Reserve Bank confirms Bank of Baroda (Gupta-linked) exit

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Bank of Beroda

The South African Reserve Bank (SARB) says it has received notification from the Bank of Baroda of its exit from South Africa.

The Indian state-owned international banking and financial services company, 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 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,” said the central bank on Monday.

Bank of Baroda found it difficult to operate within the county after it was accused aiding the Guptas who were accused of state capture through through the President and his son.

The bank announce it will cease all operation and activities in the southern democratic state as off March 2018.

According to the reports the bank has deposits of about R2.4 Billion in the country.