73 views 24 secs 0 comments

Bank of Baroda Signs Share Purchase Agreement for Trinidad & Tobago Operations

In Business
December 16, 2019

MUMBAI:
Bank of Baroda, India’s second largest public sector bank, has signed the binding Share Purchase Agreement (SPA) for sale of business of Bank of Baroda (Trinidad & Tobago) Limited (BOBTTL) with Ansa Merchant Bank Ltd., subject to approval from host country regulator – Central Bank of Trinidad & Tobago (CBTT).

The Bank’s wholly-owned overseas subsidiary at Trinidad & Tobago viz. Bank of Baroda (Trinidad & Tobago) Limited (BOBTTL) started its operations on 17th October 2007. As a part of rationalization of Bank’s international operation, Bank’s Board in its meeting dated 18th May 2017 approved the sale of business of BOBTTL. After due diligence, empaneled Investment Banker M/s BOBCAPS Ltd. identified Ansa Merchant Bank Ltd. as proposed buyer of BOBTTL.

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.”