Bank of Baroda (UK) Limited (the Bank) undertakes regular reviews of its business activities in conjunction with the Bank of Baroda Group (the Group). After an exhaustive strategic review over the past 12 months, the Bank and the Group have decided to wind down and close its UK retail banking operations in an orderly and solvent manner over time. This decision was taken solely on the initiative of the Boards of the Bank and the Group and it reflects the Group’s overall strategy to focus on those areas where it can make the greatest contribution. The Group nevertheless remains committed to its long-standing presence in the UK through its wholesale banking branch.
The wind down decision, its implications and the implementation plans have been extensively discussed with the Bank’s UK regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) over the past few months and we are now in a position to proceed. We have recently notified our plans to all employees and yesterday, 13 July 2023, we have sent account closure notices to all our current and savings account holders, with a termination date of 12 January 2024. We are also in the process of notifying all other stakeholders of our plans.
The wind down process will commence with closure of all current and savings accounts, followed by deposit and loan accounts over the medium term. During this time the Bank will continue to serve its existing customers but will not open any new accounts or offer any new facilities. We will continue to meet the highest standards of operational and financial resilience, will continue to be fully regulated by the PRA and FCA, be a member of the FSCS and be fully supported by the Group.
Bank of Baroda (UK) Ltd is committed to openness and fairness in all its dealings with customers, employees and other stakeholders and will ensure full transparency throughout implementation of the wind down process.
For further information, please see our Customer Notification & FAQs