Bank of Baroda is indeed serious about rationalizing its international operations and bring back its focus 100% on domestic operations. The PSU bank will be selling its Caribbean based, Trinidad & Tobago business unit to ANSA Merchant Bank.
The Bank did not disclose financial details of the deal.
Bank of Baroda started operations in Trinidad and Tobago in October 2007. It has three retail branches in the country, in Port of Spain, San Fernando and Chaguanas. The bank’s overall business in the dual-island nation is around US$74 million.
As per the Govt guidelines, it will also close its branches in Guyana and Ghana soon.
Following this news, BoB shares today rose 3.5% to Rs.101.25 and it remains firmly in the green at Rs.100-levels.