Bank of Baroda (BoB) has opened mid-corporate cluster offices in Mumbai, New Delhi, Chennai and Kolkata.

Each cluster office will oversee a set of specialised branches in its respective zone catering exclusively to mid-sized corporates, the public sector bank said in a statement.

In a strategic move, the bank recently reorganised its corporate banking vertical, dividing it into two units—large corporates and mid-corporates—to effectively serve both customer segments, it added.

The mid-corporate vertical caters to companies seeking credit facilities of up to ₹250 crore, while the large corporate vertical handles business above that.

Debadatta Chand, Executive Director, BoB, said, “As economic activity picks up along with an acceleration in credit growth, we believe that the mid-corporate segment is where a significant opportunity lies.

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"There is an increase in demand for credit by mid-sized companies; at the same time this segment is largely untapped. Our focus is on building a quality mid-corporate loan book in a calibrated and sustainable manner."

The aim is to grow our mid-corporate portfolio in double digits in FY2023, he added.

The bank said it will strengthen its operating model and branch network to tap mid-sized corporates and plans to open dedicated branches across the country.

These branches will provide a comprehensive range of solutions and will ensure a faster turnaround time in the credit decision making process.

The bank said it is in the process of hiring over 300 specialised relationship managers (RMs) and credit analysts to serve customers.

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