Baroda to exit SA as probe looms

The Bank of Baroda plans to exit South Africa as it faces a probe by regulators about its dealings with the Gupta family.

The state-owned Indian lender is in talks with the SA Reserve Bank to ensure an orderly withdrawal that won’t disadvantage any depositors.

The bank, the only lender in SA still offering services to Gupta-linked companies, last year sought a court order to allow it to close their accounts. – Bloomberg