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Description
Bank of Baroda (BoB), India's second-largest public sector bank (PSB), saw its share price rise to a new 52-week high of 233.75 per share on the Bombay Stock Exchange (BSE). The increase came as a result of the bank's announcement inviting potential buyers to sell a stake in its New Zealand subsidiary.
Bank of Baroda's New Zealand Arm Stake Sale
Bank of Baroda announced its intention to divest its entire 100% stake in Bank of Baroda (New Zealand) in a newspaper advertisement published on December 27. The bank is looking for an investment banker to help with the sale and disinvestment process. The proposal submission deadline has been set for 2:00 pm on January 24.
Guarantee Of Bank of Baroda On New Zealand Subsidiary Liabilities
Bank of Baroda assured stakeholders that the parent bank guarantees all liabilities of its New Zealand subsidiary. The invitation is open to private/public limited companies, LLPs, and firms from all over the world, resulting in a diverse and competitive bidding environment.
Bank of Baroda (New Zealand) Overview
Bank of Baroda (New Zealand) is a completely owned subsidiary of Bank of Baroda Limited. With 93 overseas branches or offices spread across 17 countries, the parent bank has a strong international presence. Domestically, Bank of Baroda has an extensive network of 8,200 branches, 4,942 of which are in rural and semi-urban areas.
Overview Of Bank of Baroda's Strategic Moves And International Operations
The bank completed its operations in Hong Kong and South Africa in FY22. In addition, one of its branches in the UAE was closed in FY2023. According to the annual report for 2022-23, the bank's net total business from international branches amounted to Rupees 3,20,722 crore by March 31, 2023, accounting for 14.95 percent of global business. Deposits totaled to Rupees 1,56,313 crore, while net advances amounted to Rupees 1,64,409 crore.
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