India's fourth largest bank, the Bank of Baroda, will open a branch in Bahrain in March, said its top official.

The Central Bank of Bahrain (CBB) has granted a 'Wholesale Banking Licence' to the international bank, which is celebrating its centenary this year.

All preparations for opening the branch in Manama have been completed, said global chairman and managing director Dr Anil Khandelwal.

'In fact, Bank of Baroda was one of the first Indian banks to open a branch in Bahrain in 1970s. It closed its office nearly two decades ago, and is now resuming its operations,' he told a press conference.

Dr Khandelwal and the bank's chief executive for GCC operations Ashok Gupta held talks with the CBB officials and Indian Ambassador Balkrishna Shetty.

'Bahrain will be the 26th country to have our presence,' said Dr Khandelwal.

'We have 2,800 offices in India, and 66 outside the country, 30 of them in Africa.

'We have six branches in the UAE and three in Oman. We generate maximum profits from our UAE operations.

'Bahrain is the third Gulf country where we are establishing our presence. We have already applied for licence in Qatar, Kuwait and Saudi Arabia.'

Dr Khandelwal said Bank of Baroda is hoping to have retail banking services in Bahrain eventually, to serve the 275,000-strong Indian community.

'Under the wholesale banking licence, the minimum amount we should deal with locally is BD7 million,' he revealed. 'Bank of Baroda's total assets now stand at $55 billion. Our profit last year was around $300m.'

Established in 1908, the bank has a customer base of more than 29 million. It is present in all major financial centres - New York, Bahamas, London, Brussels, Dubai, Mauritius, Singapore and Hong Kong.

The bank has a world ranking of 212 by Bankers' Magazine.

Dr Khandelwal, an eminent banker with 35 years' experience, is a recipient of several awards. Economic Times has listed him in its list of '100 Most Powerful CEOs in India'.-TradeArabia News Service