Guptas Say They've Not Found an Alternative to Bank of Baroda

The Guptas, whose accounts are being closed down by the Bank of Baroda’s South African unit, haven’t found another company willing to offer them banking services, according to a spokesman for the family.

“No other bank has agreed to offer them alternative banking services,” Gary Naidoo, a spokesman for the Gupta family and their group of companies known as Oakbay said in an emailed statement on Wednesday. “Accordingly, on the closure of their accounts by the Bank of Baroda, the companies will be left effectively without any other banking services available to them.”

Bank of Baroda “has unilaterally and of its own volition afforded to these companies an additional time period of until Sept. 30 prior to the closure of their accounts,” the statement said.

Bloomberg this week reported that the Gupta family have told the Indian lender that they’ve found another company willing to offer them banking services, according to a person familiar with the matter who asked not be identified because the matter is private.

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