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

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.