Tuesday, 28 August 2018 11:20

Report: Bank Of Baroda To Close Operations In T&T

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Two international reporting agencies are today saying that the Bank of Baroda is looking to sell its offshore subsidiaries in Trinidad and Tobago and Ghana, as part of a strategy to rationalise international operations.

This, from the internet sites Live Mint and Ecofin Agency. They note that Bank of Baroda has already sent the Request For Proposal (RFP) to its 10 empanelled investment bankers.

Both Bank of Baroda (Ghana) Ltd and Bank of Baroda (Trinidad and Tobago) Ltd run three retail branches each.

One of the bankers from the banks operation in India, on request of anonymity, said, "Some of these subsidiaries are not performing as per expectation. Hence the decision to exit."

The official added that, "Unlike Uganda and Kenya, which are both listed subsidiaries, Ghana and T&T are not core to its business."

C News contacted Bank of Baroda in Trinidad but they declined to make a comment.

Read 4189 times Last modified on Tuesday, 28 August 2018 12:17
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