Bank of Baroda (UK) Ltd is winding down and closing its UK retail banking activities

An important update regarding Bank of Baroda (UK) Limited Bank of Baroda (UK) Limited (the Bank) is winding down and closing its operations in the UK. The Bank and the Group have decided to exit its UK retail banking business over time. The closure of Bank of Baroda (UK) Limited will not impact any products offered by Bank of Baroda (India) or the activities of its London wholesale banking branch.

In consultation with the UK Banking Regulators i.e. Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the Bank initiated the Solvent Wind Down of its business in July 2023. Accordingly, the Bank closed all savings and current accounts in January 2024 and all fixed term deposit accounts in November 2024. In doing so, the Bank wrote to all the customers and requested them to transfer the closing balance of their Bank accounts to their accounts held with another Bank. Any remaining loan accounts will be unaffected The Bank is currently holding funds, from closed accounts pertaining to the customers who could not be contacted, or who did not submit valid instructions to reclaim funds.

Next Steps
An amount equal to these funds will be transferred to The Law Debenture Trust Corporation (the Trustee) and will be held in Trust with effect from 7th January 2026. This allows the Bank to progress with its orderly wind down and closure whilst ensuring that unclaimed funds continue to remain secure and available to be reclaimed.

The Trust has been set up in accordance with legal requirements and regulatory guidelines in the UK and in consultation with the UK banking regulators i.e., the PRA and the FCA.

We have written to all customers with unclaimed funds setting out how the unclaimed funds will be held (including details regarding FSCS protection) and how to reclaim them.