Bank of Baroda intends to exit SA - Reserve Bank

Bank of Baroda was said to have transgressed its own rules by being significantly exposed to one client

Bank of Baroda was said to have transgressed its own rules by being significantly exposed to one client

As the scandal continues to unfold, Baroda's role as the Gupta family's banker of choice for their most controversial deals, has attracted increasing attention from South African regulators, investigators and the press.

"The Bank of Baroda has notified the Office of the Registrar of Banks of its exit from South Africa".

The SA Reserve Bank has confirmed that the Bank of Baroda is closing down its operations in South Africa.

In January, the Bank of Baroda agreed to hand over Gupta family bank records to civil society organisations, after the Helen Suzman foundation submitted a request to access the information.

"At this stage, the SARB has no further comments on the matter".

The bank made headlines in the a year ago for being the last financial institution to still hold Gupta bank accounts.

Bank of Baroda, the only lender in South Africa that still offered services to companies linked to the Guptas, was seeking a court order that will allow it to close the accounts. It is reported to be hosting as many as 35 Gupta-linked accounts.

Oakbay has also sold its media assets, broadcaster ANN7 and The New Age newspaper, to a firm, Lodidox, owned by Mzwanele Manyi.

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