Bank of Baroda has signed a global partnership agreement with Khalifa Industrial Zone Abu Dhabi (Kizad) to provide a range of commercial banking services. The partnership will also support Kizad as it seeks to attract foreign direct investment in line with the Abu Dhabi Economic Vision 2030 to diversify the economy with knowledge-based and capital intensive industries.
Bank of Baroda will offer a range of retail and commercial banking services to Kizad as well as integrate these services in Kizad’s ‘One Stop Shop’ concept.
In addition, the agreement will focus on joint marketing activity, especially in regards to cooperation in international road shows, which Kizad kicked off in India in May.
On consolidated basis, Bank of Baroda’s net profit after minority interest, share of earnings in associates surged by 39.46% at Rs 4433.71 crore for the year ended March 31, 2011 as compared to Rs 3179.30 crore for the year ended March 31, 2010. Its total income has increased by 28.24% to Rs 25800.41 crore for the year from Rs 20118.67 crore for the previous year.
