SALUTATIONS
• Honorable Deputy Prime Ministers and Cabinet
Ministers;
• Members of the Diplomatic Corps;
• The CEO and and staff of Bank of Baroda Fiji;
• Distinguished Guests &
• Ladies and Gentleman.
Ni sa Bula Vina’a, and a very good evening to you all.
I would like to begin by acknowledging the Traditional Owners of the land on which we stand today, ki Nadonumai, vua na Turaga na Tui Suva and pay my respect to their Chiefs past and present, as well as to emerging leaders and members of the
Vanua o’ Nadonumai who may be present here this evening. I acknowledge their role in caring for the Vanua.
I am delighted to join you this evening to mark the 117 th Founding Day or anniversary of the Bank of Baroda, India’s
largest public sector bank, second only to the State Bank of India.
The theme for the Bank’s 117 th anniversary is “Trusted Today, Transforming Tomorrow”, outlining the Bank’s vision to be a world-class financial services institution, built on the foundation of the trust of its customers for well over a century.
Let me first congratulate Bank of Baroda on reaching this milestone in its history.
Please allow me to commend all those whose work and dedication have positioned the bank as a successful and respected global bank.
Our celebration, must begin by honoring the founder of Bank of Baroda, Maharaj Sayajirao. [Sah-Yah-Jee-Ra-Aww]
On 20th July 1908, Maharaj Sayajirao erected a tiny building in the princely town of Baroda.
His vision, was to set up a bank which would “prove to be a beneficial agency for lending, transmission and deposit of
money and a powerful factor in the development of art, industries and commerce of the state of Baroda and adjoining territories”.
From that first branch in Mandvi in Baroda in 1908, Bank of Baroda has today established itself as the 2nd largest public sector bank in the country.
The Bank also has a strong international presence with a network across 17 countries.
A bank with a rich legacy of 115 years that has stayed ahead of the curve by embracing innovation and constantly reinventing itself to earn the trust and patronage of its customers and other key stakeholders.
The Government of India nationalized the Bank in 1961 and holds a 63.97% stake in the Bank.
The Bank serves its global customer base of 165 million through over 70,000 touch points spread across 17 countries in five
continents and through its various digital banking platforms, which provide all banking products and services in a seamless and
hassle-free manner.
During its 117 th Foundation Day celebrations in Mumbai, more digital services were launched.
Turning to our local scene, we cannot overlook the contribution of the Bank of Baroda in the economic and social development of our country over the years.
The Bank of Baroda commenced operations in Fiji on July 5, 1961.
The Bank has been here 63 years, serving customers faithfully.
The Bank’s head office in Fiji is here in Suva and there are 8 branches Fiji-wide: – Suva, Nausori, Rakiraki, Ba, Lautoka, Nadi,
Sigatoka and Labasa.
I am told the Bank’s Fiji Operations has a customer base of more than 100,000.
As part of our reforms, the Coalition Cabinet approved the establishment of a Banking Ombudsman at our meeting last week.
This is a mechanism voluntarily agreed by the commercial banks and that is the approach of the Coalition Government, to be
guided by the Bank and not impose its will on the positive operations of our Banks.
Fiji’s financial sector faces unique challenges shaped by our growing economy and natural environment.
Government relies on commercial banks to provide necessary services to our people and this is a matter where the markets
operate.
Until the Banks voluntarily resolve to have a Banking Ombudsman, which Government supports, we are confident that with the competition in the market, customers have significant choice on where they bank.
We are fortunate in Fiji we do have an array of banks to choose from unlike other countries penalized for various operations
which result in banks closing down.
On to more positive side of today’s celebrations, I want to thank the Bank and staff for your generous donations and
corporate social responsibility activities in sponsoring various sports, good causes and events throughout the years.
Today is no different with the donation to the CWM of wheelchairs, planting of mangrove seedlings and your walkathon last week.
You have also demonstrated your commitment to social responsibility and environmental sustainability by supporting
various initiatives and programs that benefit the people of Fiji.
I want to pay special tribute to the staff of the Bank – you are the foundation of the Bank’s success and I want to thank all of you for your dedication and commitment.
I hope you will keep inspiring others with your passion and excellence.
To conclude ladies and gentlemen, it is an honor to have an institution like the Bank of Baroda with extensive global knowledge,
skills, and experience being an active partner and investor in Fiji.
I want to congratulate the Bank of Baroda on its 117th Anniversary and wish the Bank continued success in Fiji and the world beyond.
Vinaka Vakalevu, Dhaanyabaad, Shukria; Thank you.