MUMBAI : State-owned Financial institution of Baroda (BoB) on Thursday stated its board has accredited promoting as much as 49% stake in wholly-owned subsidiary BoB Monetary Options Ltd (BFSL).
“We advise that the board of administrators of Financial institution of Baroda have accredited for divestment as much as 49 % of Financial institution’s shareholding in its 100% owned subsidiary i.e. BoB Monetary Options Ltd, and issuance of an commercial inviting expressions of curiosity from appropriate buyers and strategic companions to accumulate shareholding of BoB in BFSL,” it stated in a submitting to the inventory exchanges.
BoB Monetary Options (earlier referred to as BoBcards Ltd) entered India’s bank card market in 1994, 4 years earlier than SBI Card was launched however lagged its peer and different lenders in card issuances. Nonetheless, it has grown its base in the previous few years owing to an aggressive push.
“We arrived too early. We arrived at a time when there was no Cibil (credit score bureau). We have been very aggressive when the ecosystem for the Indian context was not ready for a bank card like product. There was an enormous default and the administration took a name to press the pause button,” Shailendra Singh, managing director and chief government of BoB Monetary Options Ltd had informed Mint in an interview in November 2021.
On Thursday, the financial institution stated that particulars in regards to the technique of transaction and different related particulars can be revealed on 10 March.
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Supply: Live Mint