Bank of Baroda pulling out of South Africa by March 31 amid probe into Gupta ties


JOHANNESBURG — The last local financial institution to offer banking services to the Guptas in South Africa is now shuttering its doors in the country as the political climate gets too hot for it. Amid a probe into the Bank of Baroda’s business with the Guptas, the Indian bank has decided that the South African market doesn’t make sense for it anymore. Bank of Baroda has already been embroiled in court action to try and ditch the Guptas as clients, but this move to withdraw from South Africa completely by the end of March this year will hasten the downfall of the politically-connected Indian immigrant family. The decision to withdraw from South Africa also marks the end of a 21-year history in the country for the Indian bank, according to a statement released by Baroda today. What a way to exit the country… – Gareth van Zyl 

By Vernon Wessels and Anto Antony

(Bloomberg) — The Bank of Baroda plans to exit South Africa as it faces a probe by regulators about its dealings with the politically connected Gupta family.

The state-owned Indian lender is in talks with the South African bank regulator to ensure an orderly withdrawal that won’t disadvantage any depositors, the Pretoria-based registrar said in an emailed statement on Monday. The central bank has no further comment on the matter, it said.

Source: Biznews