The South African Reserve Bank (Sarb) confirmed on Monday the Bank of Baroda, India’s state-owned international bank, has notified the registrar of banks of its exit from South Africa. 

“The Registrar, which is part of the South African Reserve Bank (Sarb), is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged,” Sarb said in a terse statement.

“At this stage, the Sarb has no further comments on the matter.”

The Bank of Baroda was the last remaining bank to continue doing business with the controversial Gupta family through which its companies allegedly laundered money.

The bank reported 45 suspicious transactions by Gupta-owned companies amounting to R4.2 billion to the Financial Intelligence Centre between 16 September 2016 and 14 July 2017.

Last month, the Bank of Baroda agreed to hand over Gupta-family bank records to South African civil society organisations, following an access to information request by the Helen Suzman Foundation and Freedom Under Law.

 – African News Agency (ANA)