JOHANNESBURG- The controversial bank will no longer operate in South Africa, as this a significant blow for the Gupta family and their associated companies in the country.
The Indian state owned bank had notified the Office of the Registrar of Banks of its decision, the South African Reserve Bank (Sarb) said in a statement on Monday, “The Registrar… is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged,”
In January the bank agreed to hand over documents over of the Gupta family bank records civil society organisations, after the Helen Suzman foundation submitted a request to access the information.
Here is the statement publish by the Bank of Baroda on their website,
“In this regard we would like to clarify that the South African operations of Bank of Baroda (Bank) have always been conducted in accordance with the laws and regulations of the South African Reserve Bank and the Reserve Bank of India.
We reiterate that the Bank has at all times acted in good faith and all activities of the Bank have been conducted in a professional and transparent manner.
The client relationship which is subject matter of the media reports is sub-judice and the Bank is also bound by client confidentiality. It is also the policy of the Bank to not comment on speculative reports. The Bank, having due regard for all lawful requirements, remains committed to cooperate with the regulators for all enquiries in this connection”.
Photo Credit- Livemint
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