Public sector lender Bank of Baroda said it has signed a binding share purchase agreement (SPA) with Ansa Merchant Bank Ltd for the sale of former’s subsidiary, Bank of Baroda (Trinidad & Tobago) Limited (BOBTTL). This transaction, Bank of Baroda, is subject to approval from the host country regulator – Central Bank of Trinidad & Tobago.
The bank’s wholly-owned overseas subsidiary at Trinidad & Tobago BOBTTL started operations on 17 October 2007. The board of bank had approved the sale of a subsidiary in 2017 as part of its plan to rationalise international operations, said Bank.
After due diligence, empaneled investment banker BOBCAPS Ltd. had identified Ansa Merchant Bank Ltd as a potential buyer of BOBTTL, said Bank of Baroda. Murali Ramaswami, executive director, Bank of Baroda said, “We have had a long and successful tenure in Trinidad and Tobago and will look forward to a disruption-free service to our valued customers of BOBTTL. Bank of Baroda stays committed to maintaining its existing international relationships.”
Read EquityPandit’s Nifty Bank Outlook for the Week