Deals
Bank of Baroda Seeks Unit Sale to Bolster Capital
- Bank of Baroda owns 98.6% of 96-year-old unit Nainital
- Stake is said to have drawn initial interest from PE firms
This article is for subscribers only.
Bank of Baroda, India’s third-largest state-run lender, is seeking to sell unit Nainital Bank Ltd. as it sheds non-core assets to bolster its balance sheet, people familiar with the matter said.
A decision on the size of the stake to be sold will depend on approvals from the Indian central bank, the people said, asking not to be identified because the information is private. Bank of Baroda owns 98.6 percent of the 96-year-old Nainital Bank, which had about 77 billion rupees ($1.2 billion) of assets at the end of March.