BREAKING NEWS: The Bank of Baroda is set to close its South African operations at the end of March. I have it on reliably sources that the Bank has already informed the SA Reserve Bank of its decision.
The bank has been linked to the controversial Gupta family over dubious deals.
The bank has been linked to the controversial Gupta family over dubious deals.
The Bank of Baroda currently operates branches in Johannesburg and Durban. It will cease to offer any banking services from the 1st of April this year.
The Pretoria High Court late last year granted a multitude of Gupta companies an interim order stopping the Bank of Baroda from closing their bank accounts pending the hearing of the main case in which the Gupta companies were contesting the closing of their accounts.
The decision of the Bank of Baroda to close its South African operations at the end of March will be the final blow for the Gupta companies. The BoB was the only bank still doing business with them and the decision to leave SA will render the pending court case moot.
