Bank of Baroda and EXIM Bank, two prominent financial institutions of India joined hands for co-financing of projects in India and abroad.

Bank of Baroda (BoB) announced on Tuesday that Dr. Anil K Khandelwal, Chairman & Managing Director of the bank has signed a Memorandum of Cooperation with T.C. Venkat Subramanian, Chairman & Managing Director of Export Import Bank of India (EXIM Bank).

BoB and EXIM Bank have joined hands for co-financing of projects in India and abroad. The two banks will cooperate in the areas of co-financing, co-arranging, syndication of rupee and foreign currency loans for export and import credit as well as overseas projects etc.

BoB has a wide network of 2,670 branches in India and a global presence in 20 countries with 59 offices. BoB actively facilitates/finances International trade, arranging/underwriting of foreign currency loans for Indian companies in India and abroad. BoB is also one of the leading foreign exchange dealers in India.

EXIM Bank is an apex financial institution fully owned by the Government of India and is engaged in financing, promoting and facilitating India's International trade. It provides export Lines of Credit (LoC) to banks overseas, foreign governments, regional development financial institutions in developing countries to finance import of goods and services from India. It also finances and promotes joint ventures overseas.

The agreement between the two institutions would create synergies by bringing together their core competencies. While it would open up new business opportunities for BoB in financing overseas banks, foreign governments, regional development financial institutions and infrastructure projects, EXIM Bank would have the advantage of having a financially and technically stable Indian bank as a partner whose geographic reach and considerable experience of banking overseas, especially in Africa and the Middle East would add value to the projects undertaken jointly.

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