Bank of Baroda is seeking a purchaser to divest its whole ownership in its New Zealand branch

 Bank of Baroda is seeking a purchaser to divest its whole ownership in its New Zealand branch

Bank of Baroda is seeking a purchaser to divest its whole ownership in its New Zealand branch

The bank shut down operations in South Africa and Hong Kong in FY22, and as of FY2023, it has shuttered one branch in the United Arab Emirates.

In order to choose investment bankers for the sale of its whole interest in its New Zealand subsidiary, public sector lender Bank of Baroda (BoB) issued an invitation to submit offers on December 27.

The bank published an advertising in the newspaper titled "Request for proposals for selection of investment banker for sale/disinvestment of undivided 100% stake of Bank of Baroda in Bank of Baroda (New Zealand)". The bank has established a deadline of January 24 at 2:00 PM for proposal submissions.

With effect from September 1, 2009, Bank of Baroda (New Zealand) is a fully owned subsidiary of Bank of Baroda, registered under the Reserve Bank of New Zealand Act, 1989.

"All liabilities of Bank of Baroda (New Zealand) Limited are safeguarded by its parent bank," the lender said. As of March 31, 2023, New Zealand's total liabilities were NZD 138.37 million.

The announcement said that "any private/public limited company/LLP/firm across the world is welcome to take part in the tender process."

The bank shut down operations in South Africa and Hong Kong in FY22, and as of FY2023, it has shuttered one branch in the United Arab Emirates.

The bank's overall business (net) from overseas branches as of March 31, 2023, was Rs 3,20,722 crore, or 14.95 percent of the bank's worldwide business, according to the annual report for 2022–2023. Net advances were Rs 1,64,409 crore, while total deposits were Rs 1,56,313 crore.

BOB has 8,200 domestic branches, 4,942 of which are rural and semi-urban, and 93 international branches or offices spread throughout 17 countries. As of March 31, 2023, the bank's agricultural loans amounted to Rs 1,24,247 crore, or around 16 per cent of overall domestic credit.

BoB announced on November 4th a net profit for the September quarter of 2023–24 of Rs 4,252.89 crore, up 28.3% from the same period the previous year as a result of improved asset quality and robust core income growth. Net interest income (NII) for the bank increased to Rs 10,831 crore, or 6.4%, year over year.