[ALERT] Guptas suffer another blow as Bank of Baroda to withdraw from SA

The bank made headlines in the last year for being the last financial institution to still hold Gupta bank accounts.

FILE: Bank of Baroda logo. Picture: Supplied.

PRETORIA - The Bank of Baroda has officially notified the office of the Registrar of Banks of its intention to exit South Africa.

The bank made headlines in the last year for being the last financial institution to still hold Gupta bank accounts.

The Indian-based company retained Gupta accounts after South Africa’s big four banks cut ties with the controversial famnily.

The South African Reserve Bank says it is in discussions with the Bank of Baroda to ensure that its withdrawal from South Africa is orderly.

The reserve bank wants to ensure that no depositor is disadvantaged.

It is unclear why the financial institution is pulling out of the country but the move will likely prove to be the final blow for the Guptas.

After the big four banks closed the family’s accounts, the Bank of Baroda was the last bank doing business with them.