Another blow for Guptas as Bank of Baroda exits SA

File: In January, the Bank of Baroda agreed to hand over Gupta family bank records to civil society organisations. Photo: Gallo Images/City Press/Muntu Vilakazi

JOHANNESBURG - The controversial Bank of Baroda will no longer operate in South Africa, dealing another blow to the Guptas.

The Indian state-owned bank has notified the Office of the Registrar of Banks of its decision, the South African Reserve Bank (Sarb) said in a statement on Monday.

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

READ: Bank of Baroda willing to spill the beans on Gupta bank records

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.

In October 2017‚ the North Gauteng High Court in Pretoria ordered the bank to keep open the accounts of Gupta-linked companies, following a decision by the country's four major banks to stop doing business with the family. 

 

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