February 12, 2018 / 1:09 PM / in a year

Bank of Baroda to stop operating in South Africa on March 31

A man walks past the Bank of Baroda headquarters in Mumbai, May 3, 2016. REUTERS/Danish Siddiqui/Files

JOHANNESBURG (Reuters) - The South African unit of India’s Bank of Baroda will stop operating in South Africa at the end of March as part of its strategic plan to rationalize the branches in international markets, the lender said on Monday.

The local branch will stop taking new deposits and disbursing loans with effect from March 1, and cease to operate and conduct the business of a bank in South Africa from March 31, it said in a statement.

Reporting by Nqobile Dludla; Editing by James Macharia

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