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Bank of Baroda targets common man, says new MD

By Vision Reporter

Added 10th February 2009 03:00 AM

MARKET MOVER

Pramos Kumal Gupta, is the Bank of Baroda new managing director. David Muwanga talked to him

MARKET MOVER

Pramos Kumal Gupta, is the Bank of Baroda new managing director. David Muwanga talked to him

MARKET MOVER

Pramos Kumal Gupta, is the Bank of Baroda new managing director. David Muwanga talked to him


What plans do you have for the bank as the new managing director?
- We are looking at better business prospects and are also in the mood of expansion.
We have identified locations in Lira, Mukono, Gulu and Arua where we plan to open new branches.
We also want to introduce new products to become a people-oriented bank besides developing customer care services.
We shall focus on products like loans that can be extended to the common people.
We are also developing a product for groups.
Last year, we developed three new products that include the initial public offer, deposits scheme and a remittance facility.
we are presently doing well on the stock exchange market.
We hope to continue with the good performance.

What is the bank’s position on investments and assets?
- As of December 31, 2008, our business had grown from sh259.6b in 2007 to sh328.5b in 2008, registering a 27% growth rate.
Deposits also grew by 23% from sh173.5b in 2007 to sh214.1b in 2008.
Our shares were split into one to 10 and are being quoted at sh430.
This reflects the strength of the bank and the trust by clients.

How would you assess Uganda’s banking sector amidst the global financial crisis?
- I don’t think our sector will be affected by global financial crisis.
We shall maintain our growth because the sector is well regulated by the Government and Bank of Uganda.
However, the crisis will affect remittances and exports.
At Bank of Baroda, we have tested all situations and shall continue to grow strong.
The sector regulators are also supportive and forward-looking.

How ready are you for competition as new banks enter the market?
- Competition is one of the things that help us to provide better services by developing new competitive products.
It is also a constant factor in business.
It only requires one to be serious, sincere and credible.

Bank of Baroda targets common man, says new MD

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