Bank of Baroda plans to scale up all subsidiaries before listing, says MD and CEO

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26 Aug, 2025 12:21

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PSU lender Bank of Baroda will add scale to its subsidiaries before listing them on the stock exchanges, the managing director and chief executive officer Debadatta Chand told Moneycontrol during an interview.

The CEO said listing of the subsidiaries will also depend on the market conditions and the valuation being sought. In the last few years, Bank of Baroda has been focusing on divest stakes in IndiaFirst Life Insurance and Nainital Bank.

“We are clearly committed towards adding scale to all my subsidiary. One of the key theme that we've been working for last two years is to add scale to all subsidiaries,” Chand said.

On July 30, 2022, Bank of Baroda had received approval from the board for around 12.50 percent stake sale in the insurance arm by way of offer for sale in the proposed initial public offer or through any other method permissible, while ensuring that its shareholding in IndiaFirst does not fall below 51 percent of the paid-up equity share capital.

Currently, Bank of Baroda holds 64.98 percent stake in the IndiaFirst Life Insurance Company, while nine percent is being hold by Union Bank of India, and 26 percent by Carmel Point Investments India.

In Nainital Bank, Bank of Baroda is a majority stakeholder with over 98 percent stake.

Chand added that these subsidiaries do not require capital reserve. “Everything is on table and everything is off the table.”

As per an investor presentation, Nainital Bank’s total business increased to Rs 13,225.68 crore in FY25 from Rs 13,086.87 crore for FY24, registering a muted growth of 1.06 percent on a yearly basis.

IndiaFirst Life Insurance reported a 14.39 percent on-year rise in asset under management to Rs 30,967.89 crore as on March 31, 2025 over Rs 27,073 crore as of March 31, 2024.