In an attempt to rationalise its international operations, Bank of Baroda is looking to sell its overseas subsidiaries in Ghana and Trinidad and Tobago, reported Mint.
The bank has already sent the request for proposal (RFP) to its 10 empanelled investment bankers for the two units whose total business is less than Rs 1,000 crore, Mint reported on Monday.
Both the units are currently running three retail branches each, however, the performance is not up to the expectations, people aware of the development told Mint.
Unlike Uganda and Kenya, which are both listed subsidiaries, Ghana and T&T are not core to our business, the report said, adding that BoB has already shut its overseas operations in Bahrain and Nasau and is in the process to shut its Bahamas branch.
Public sector banks (PSBs) have shut almost 37 overseas branch and will shut more 70 by December 2018, as per the government’s strategy to rationalise banks’ foreign operations, the report added.
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