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

In Business
December 16, 2019

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.”