Bank Of Baroda UK

What Bank Of Baroda UK does

Bank of Baroda (UK) Limited is a London-based, FCA- and PRA-authorized bank (FCA firm reference 768016) operating as a wholly-owned subsidiary of Bank of Baroda, India, one of India's largest public sector banks founded in 1908. Incorporated on 20 June 2017 (originally as Baroda (UK) Operations Limited), the subsidiary commenced commercial operations on 17 December 2018 and historically offered a full-stack UK banking franchise: retail deposits (savings, current, fixed deposits in GBP/USD/EUR), personal and SME loans including buy-to-let mortgages and finance-against-deposit products, corporate lending (working capital, term loans, bill finance, overdrafts, trust receipts), wholesale banking (treasury operations, syndicated loans, trade finance, FX, and agency roles), and NRI banking facilitation for the UK Indian diaspora. Its customer technology stack is anchored by the M-connect Plus mobile banking application for account access and transactions, with supporting online EMI and currency-converter tools.

Revenue mechanics combine net interest income on loans and deposits, FX margins, trade finance and documentary credit fees, loan processing charges, and remittance commissions. Following a parent-board decision in July 2023, the entity initiated a regulator-approved solvent wind-down of its UK retail banking business: all savings and current accounts were closed in January 2024, all fixed term deposit accounts in November 2024, and the Southall branch was permanently shuttered. Remaining loan accounts continue unaffected, NRI facilitation is available by appointment at the London Main Branch (32 City Road, EC1Y 2BD), and unclaimed balances from closed accounts were placed with Law Debenture Trust Corporation PLC effective 12 January 2026 to preserve customer reclamation rights during the orderly wind-down.

Name

Bank Of Baroda UK

Legal name

Bank of Baroda (UK) Limited

Website

https://bankofbarodauk.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

251–500 employees

Short description

Bank of Baroda (UK) Limited is a London-based FCA/PRA-authorized bank, wholly owned by India's Bank of Baroda, currently executing a regulator-approved wind-down of its UK retail operations while servicing a residual loan book and wholesale clients.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Retail banking services
• SME business loans
• Trade finance services
• Foreign exchange remittance
• Corporate banking solutions

Headquarters

HQ city

London, England

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: The bank generates revenue through interest income on various loan products including Buy to Let mortgages, personal loans, business loans, SME and corporate loans, working capital facilities, and finance against deposits.
2. Deposit Interest: Interest paid to depositors on savings accounts, current accounts, and fixed deposits in GBP, USD, and Euro currencies.
3. Foreign Exchange Services: Foreign exchange services for purchase/sale of currencies, inward/outward remittances, forward purchases and sales of foreign currencies, and cross currency swaps.
4. Trade Finance Services: Non-fund based facilities including Letter of Credit issuance, confirming, negotiation, Bank Guarantee issuance, and collection of documentary bills and cheques.
5. Fee-based Services: Service charges, commissions, and processing fees on various banking products and services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

Bank of Baroda (UK) Limited is a UK-incorporated, PRA-authorised and FCA-regulated bank that historically offered retail deposits, retail loans (including buy-to-let mortgages, personal loans, and finance against property or deposits), SME and corporate lending, trade finance, foreign exchange and remittance, wholesale banking, and NRI banking facilitation. Following a July 2023 decision, the bank is currently executing a solvent wind-down of its UK retail banking activities, with all savings, current, and fixed-term deposit accounts closed by November 2024; remaining loan accounts and wholesale operations continue.

Product overview

Bank of Baroda UK offers a comprehensive suite of banking products and services for retail, corporate, and wholesale customers. The retail banking portfolio includes savings and current accounts, fixed deposits, and retail loan products (buy-to-let mortgages, finance against property/assets, and personal loans ranging from £1,000 to £50,000). Business banking services encompass SME and corporate loans including demand/term loans, working capital, bill finance, overdrafts, and trust receipts. Wholesale banking services include treasury operations, investment operations, syndicated loan transactions, and trade finance facilities. The bank also provides digital tools including M-Connect Plus mobile banking app, EMI calculator, and currency converter. Notably, the bank is currently winding down its UK retail banking operations following a 2023 decision to exit the UK retail market, with savings/current accounts closed in January 2024 and fixed deposits closed in November 2024.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Bank Account
• Current Account
• Fixed Deposits
• Buy to Let Mortgage
• Personal Loan Plan
• Credit Plan for High Income Bracket Employees
• Loan for Financing Professionals in UK
• Finance Against Property
• Finance Against Local Deposit
• Business Loan (Fund-Based)
• SME and Corporate Loans
• Wholesale Banking Services
• Corporate Loan Products and Trade Finance
• M-Connect Plus Mobile Banking
• Foreign Exchange and Remittance Services
• NRI Banking Facilitation
• Corporate Deposits
• EMI Calculator
• Currency Converter

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Bank of Baroda (Parent Bank - India)coreOthersBank of Baroda (UK) Limited is a wholly-owned subsidiary of Bank of Baroda, India. The parent bank provides IT support services and regulatory support. Data is processed at the parent bank's data centre in India.
• Financial Services Compensation Scheme (FSCS)coreOthersUK deposit protection scheme. Protection limit increased from £85,000 to £120,000 per depositor from 1 December 2025. The bank is a member of FSCS established under Financial Services and Market Act 2000.

Scale indicators4 records

Recent moves8 records

Expansion highlights1 record

Direct peers

• State Bank of India UK: UK subsidiary of India's largest state-owned bank offering retail deposits, NRI services, and trade finance for the Indian diaspora — directly comparable product set, customer base, and regulatory profile to Bank of Baroda UK.
• ICICI Bank UK: UK branch of ICICI Bank offering NRI-focused deposits, remittances, and personal/banking services — overlaps directly with Bank of Baroda UK's India-linked retail and NRI offering.
• Canara Bank UK: UK branch of Canara Bank, an Indian public-sector bank serving NRI and trade-finance customers with comparable remittance and deposit products.
• Punjab National Bank International: UK operations of Punjab National Bank offering NRI banking, deposits, and remittances — direct competitor for the same Indian diaspora customer segment in the UK.
• Bank of India UK: UK subsidiary of another Indian state-owned bank providing retail banking, NRI services, and trade finance — same target diaspora customer base and similar product portfolio as Bank of Baroda UK.

Broad incumbents

• Barclays UK: Major UK retail and commercial bank with extensive branch network, corporate lending, and trade finance capability — broad incumbent competing across multiple of Bank of Baroda UK's product categories.
• HSBC UK: One of the largest UK commercial banks offering retail deposits, mortgages, and trade finance at scale — broader incumbent that competes with Bank of Baroda UK in wholesale, trade finance, and FX services.

Emerging players

• HDFC Bank UK: Growing Indian private-bank presence in the UK focused on NRI deposits and remittances; emerging competitor in the same niche that Bank of Baroda UK is exiting.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bank-of-baroda-uk

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Bank Of Baroda UK