Baroda

What Baroda does

Bank of Baroda (UK) Limited is a wholly-owned subsidiary of India's public-sector Bank of Baroda, incorporated in England & Wales on 20 June 2017 and commencing commercial operations on 17 December 2018. It operated as a PRA-authorised, FCA- and PRA-regulated bank headquartered at 32 City Road, London EC1Y 2BD, serving UK retail customers (savings, current, fixed deposits, buy-to-let mortgages, personal loans, FX/remittances), corporate and SME clients (working capital, trade finance, term loans, overdrafts, bill finance), NRI banking customers seeking UK-India banking connectivity, and wholesale banking clients via the parent bank's separate London wholesale branch. The bank was authorised by the PRA (FCA firm reference 768016) and was a member of the Financial Services Compensation Scheme, with deposits protected up to £120,000 per depositor from December 2025.

The entity's core technology stack is conventional: traditional banking infrastructure supporting savings, current, fixed deposit, and lending products, digitised through the M-Connect Plus mobile banking application (available on iOS and Android, with mPIN authentication and server-side encrypted storage) and complemented by online tools including an EMI calculator and a currency converter. No APIs, AI/ML capabilities, or proprietary data infrastructure are disclosed. Revenue was generated through net interest income on the lending and deposit book, fee and commission income (account maintenance, remittances, loan processing), and forex exchange margin on GBP/INR and USD/INR transactions. Distribution was primarily branch-based (London Main Branch operating by appointment only, Southall branch permanently closed in March 2024) plus digital self-service tools on the bankofbarodauk.com website.

In July 2023 the bank initiated a solvent wind-down of its UK retail banking business in consultation with the PRA and FCA, closing all savings and current accounts in January 2024, all fixed term deposits in November 2024, and withdrawing debit card and remittance services. Unclaimed residual funds were placed with Law Debenture Trust Corporation PLC as trustees effective 12 January 2026. The remaining loan portfolio continues to be serviced, while the parent bank's separate UK Wholesale Banking branch retains syndicated loan and corporate banking activity in London.

Name

Baroda

Legal name

Bank of Baroda (UK) Limited

Website

https://bankofbarodauk.com

Company type

Private

Founded year

2017

Operating status

Closed

Headcount range

101–250 employees

Short description

Bank of Baroda (UK) Limited is a London-based, PRA/FCA-regulated wholly-owned subsidiary of Bank of Baroda (India) that offered retail, corporate, NRI, and wholesale banking services in the UK. It commenced operations in 2018 and is now executing a solvent wind-down following the 2023 exit from UK retail banking.

Ownership category

akta.pro rank

Product category

Retail and Corporate Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

National Commercial Banks (6021), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Consumer & Retail (CPG, Food, Apparel) (FSABACAM), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Retail banking services
• Corporate banking loans
• Foreign exchange services
• Trade finance solutions
• Mortgage lending products

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Interest income from lending products (retail loans, corporate loans, buy-to-let mortgages, SME financing) minus interest paid on deposits. Core revenue driver for banking operations.
2. Fee and Commission Income: Income from account maintenance fees, forex exchange services, remittance services, and loan processing charges.
3. Forex Exchange Services: Revenue from foreign exchange transactions including purchase and sale of currencies for customers. GBP/INR and USD/INR exchange services offered.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Bank of Baroda (UK) Limited provides retail and corporate banking services in the UK as a wholly-owned subsidiary of Bank of Baroda, India. Its core offerings include deposit products (savings accounts, current accounts, fixed deposits), retail loans (buy-to-let mortgages, personal loans, finance against property or deposits), business and corporate banking facilities (working capital, term loans, trade finance, overdrafts), wholesale banking (syndicated loans, treasury operations), and foreign exchange services. The UK subsidiary is currently undergoing a solvent wind-down of its retail banking operations initiated in July 2023.

Product overview

Bank of Baroda (UK) Limited offers a comprehensive suite of banking products and services. The bank is currently winding down its UK retail banking activities following a solvent wind-down announced in July 2023, having closed all savings, current, and fixed term deposit accounts by late 2024. The remaining loan portfolio continues to be serviced. For personal banking, the bank offers deposit products (Savings Bank Account, Current Account, Fixed Deposits) and retail loans including Buy to Let mortgages, loans against property and deposits, and personal loan plans. Corporate and business banking services include corporate deposits, working capital facilities, term loans, overdrafts, bill finance, and trade finance services. Wholesale banking operations provide syndicated loan arrangements, treasury and investment operations, and foreign exchange services. Digital banking is supported through the M-Connect Plus mobile application. Additional digital tools include an EMI calculator and currency converter. The bank's products are built around core deposit and lending services, supplemented by treasury operations, trade finance capabilities, and digital banking channels.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Bank Account Basic savings deposit account for everyday banking needs, suitable for residents, non-residents, charities, clubs, associations and trusts.
• Current Account Flexible deposit account for firms, companies, institutions and individuals requiring frequent banking facilities.
• Fixed Deposits Term deposits offering higher interest rates for funds deposited over specified periods ranging from one month to 60 months.
• Buy to Let Mortgage Buy-to-let mortgage products for customers looking to invest in property or rent a place out.
• Finance Against Property Financing for any business activity permitted as per guidelines except for speculation purposes, secured against property.
• Finance Against Local Deposit Loan facility against deposits held at the bank for personal or business requirements.
• Finance Against NRE Rupee Term Deposit in India Financing against NRE Rupee Term Deposits held in India for personal or business needs.
• Finance Against FCNR Deposits Finance against Foreign Currency Non-Resident (FCNR) deposits for personal or business requirements excluding speculation.
• Loan to Small/SME Business Working capital and fixed asset financing for small and medium enterprises.
• Personal Loan Plan Personal loan with minimum £1,000 to maximum £15,000, period 12 to 60 months, annual interest rate 8.00% fixed, for personal purposes excluding speculation/gambling.
• Credit Plan for High Income Bracket Employees Credit facility for high-income employees with minimum £15,000 to maximum £50,000 for purchase of consumer goods or personal needs.
• Loan for Financing Professional in UK Professional financing loan for UK-based professionals with minimum £15,000 to maximum £50,000 for office equipment, computers, fittings, motor vehicles, professional books or personal needs.
• Corporate Loans Fund-based and non-fund-based facilities for Trade Finance, Project Finance, Working Capital, Acquisitions and loans up to 7 years.
• Working Capital Facilities Overdraft, Bills Purchased, Bills Discounted and other facilities to meet working capital requirements for sole proprietors, partnerships and limited companies.
• Demand/Term Loan Term loans for business needs with flexible repayment structures.
• Bill Finance Financing solution to plug-in mismatches in cash flows through bill discounting and purchase.
• Overdraft Facility Overdraft facility for businesses to manage short-term liquidity needs.
• Short Term Loan Short-term financing for immediate business capital requirements.
• SME & Corporate Loans Comprehensive financing solutions for small, medium and corporate enterprises.
• Term Loan Medium to long-term financing for capital expenditure and business growth.
• Trust Receipt Financing Flexible trust receipt financing options for businesses importing goods.
• Wholesale Banking Services Corporate banking arrangements, participation and underwriting of syndicated loan transactions, treasury operations, investment operations, loan syndication, ECBs/FCTL arrangements for Indian corporates.
• Non-Fund Based Services Letter of Credit, Bank Guarantee, Documentary Bills Collection, and other non-fund based trade finance facilities.
• Forex Exchange Services Foreign exchange services for purchase and sale of currencies, forward contracts, and cross currency swaps.
• M-Connect Plus Mobile Banking Mobile banking application providing account viewing, mobile banking login, transaction execution, and personalized services with mPIN authentication.

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Bank of Baroda (India) - Parent BankcoreOthersBank of Baroda (UK) Limited is a wholly-owned subsidiary of Bank of Baroda, India. The parent bank provides IT services, regulatory reporting support, and access to the wider international network. Data processing occurs at the parent bank's data centre in India. The UK subsidiary operates under the parent bank's regulatory framework and brand.

Scale indicators5 records

Recent moves7 records

Expansion highlights2 records

Broad incumbents

• NatWest Group: NatWest is a major UK retail and commercial bank offering deposits, mortgages, and business banking. As a broad incumbent, it competes for the same retail deposit and SME lending customers that Bank of Baroda UK previously served in the UK market.
• HSBC UK: HSBC UK is one of the UK's largest retail and commercial banks with extensive international banking capabilities, particularly across Asia including India. As a broad incumbent, it offers overlapping deposit, lending, and forex services that competed with Bank of Baroda UK for both retail and corporate customers.
• Barclays UK: Barclays UK is a major retail and commercial bank offering comprehensive banking products including deposits, personal loans, mortgages, and corporate banking. Comparable as a broad incumbent competitor in the same UK retail and SME banking market segments.

Emerging players

• Wise (formerly TransferWise): Wise is a UK-headquartered fintech specializing in cross-border money transfers and multi-currency accounts, particularly popular with the Indian diaspora for GBP/INR remittances. Comparable as an emerging player that has captured significant market share in the remittance and FX services that Bank of Baroda UK historically offered.
• Remitly: Remitly is a digital remittance company specializing in money transfers from the UK to India and other emerging markets. Comparable as an emerging fintech player that has disrupted the traditional bank-led remittance and forex services that Bank of Baroda UK offered to NRI customers.

Direct peers

• Bank of India UK: Bank of India operates UK operations serving the Indian diaspora with retail deposits, remittances, and trade finance. As another Indian public sector bank in the UK market, it shares the same customer base, regulatory environment, and strategic positioning as Bank of Baroda UK.
• State Bank of India UK: State Bank of India UK is the UK subsidiary of India's largest public sector bank, offering retail deposits, NRI banking, and corporate lending to the UK Indian diaspora. Most directly comparable to Bank of Baroda UK as fellow Indian PSU subsidiary banks serving similar customer segments in the same geography.
• Punjab National Bank UK: Punjab National Bank is one of India's largest public sector banks with international operations including UK services for the Indian diaspora. Comparable as another Indian PSU bank offering similar deposit, lending, and NRI services in the UK market.
• ICICI Bank UK: ICICI Bank UK is the UK branch of India's largest private sector bank, offering NRI-focused banking, remittances, deposits, and corporate services. Directly comparable as an India-headquartered bank operating UK retail and corporate banking services for the diaspora market.
• Canara Bank UK: Canara Bank is an Indian public sector bank with UK operations serving the Indian diaspora through deposits, NRI services, and trade finance. Directly comparable as a peer Indian PSU bank with UK presence targeting the same NRI and corporate customer segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• YouTubeyoutube.com/user/bankofbaroda
• Facebookfacebook.com/bankofbaroda
• LinkedInlinkedin.com/company/baroda
• Xtwitter.com/bankofbaroda

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baroda