Gupta-linked Bank of Baroda gives formal notice of SA exit - SARB

The Gupta-linked Bank of Baroda has formally informed the Reserve Bank of its intention to exit the country, deputy governor of the Reserve Bank Kuben Naidoo said on Tuesday.

"We have been formally informed that they are in the process of closing down, that they are moving out of the country," said Naidoo. "We are dealing with that process and how it would be conducted."

Naidoo's comments came during the release of the bank supervision annual report. He would not say how long the process would take.

Nineteen Gupta-owned companies doing business with the bank, including the Optimum coal mine, Sahara Computers and Oakbay Investments, approached the high court with an urgent application in February, seeking to interdict the bank from leaving South Africa. 

In March, the North Gauteng High ruled that it could not force the bank to stay in the country to service the companies.

The bank was accused of facilitating questionable transactions for Gupta-owned firms, and its name was implicated in the 'State Capture' report.

It was earlier fined R11m for breaching sections of the Financial Intelligence Centre Act through its financial dealings.