Bank of Baroda (Bank) has announced that it has opened four Mid-Corporate Cluster Offices spread across four zones – in Mumbai, New Delhi, Chennai and Kolkata. In line with the Bank’s strategy to sharpen its focus on this segment, each Mid-Corporate Cluster Office will oversee a set of specialised branches in each zone catering exclusively to mid-sized corporates.
In a strategic move, the Bankrecently reorganised its corporate banking model. The corporate banking vertical has been divided into two units — large corporates and mid-corporates – to effectively serve both customer segments. The mid-corporate vertical caters to companies seeking credit facilities of up to Rs 250 crore, while the large corporate vertical handlesbusiness above that. Shri Debadatta Chand, Executive Director, Bank of Baroda said, “Our focus is on building a quality mid-corporate loan book in a calibrated and sustainable manner. The aim is to grow our mid-corporate portfolio in double digits in FY2023.”
The Bank will strengthen its operating model and branch network to tap mid-sized corporates and plans to opendedicated branches across the country.These branches will provide a comprehensive range of solutions and will ensure a fasterturnaround time in the credit decision making process. The Bank is also in the process of hiring over 300 specialisedRelationship Managers(RMs) and Credit Analysts to serve customers.
