Bank of Baroda leaving South Africa‚ Reserve Bank confirms

OUTA moves again on Bank of Baroda’s Gupta funds			 0					By		Staff Reporter

OUTA moves again on Bank of Baroda’s Gupta funds 0 By Staff Reporter

The Bank of Baroda has officially notified the office of the Registrar of Banks of its intention to exit South Africa.

"The Registrar, which is part of the Sarb, is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged", Sarb said in a terse statement.

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Bloomberg reported in October a year ago that the SARB was investigating Baroda over money held for companies controlled by the politically connected Gupta family. Judge Tati Makgoka granted an interdict against the bank‚ prohibiting the lender from deactivating or closing the banking accounts of the Gupta businesses‚ or from terminating the banker-customer relationship.

It tried to shut the accounts in 2016, but was ordered by the courts to keep the accounts open after Gupta-owned or linked companies successfully argued that the closure would unfairly impact its businesses, as all other South African banks had already blacklisted accounts associated with the family.

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The Indian-based company retained Gupta accounts after South Africa's big four banks cut ties with the controversial famnily.

The Bank of China also closed Gupta-linked accounts.

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