Bank of Baroda (BoB) is going to sell a major stake in its subsidiary. The board has approved the stake sale. Giving information on Thursday, the bank said that the board has approved the sale of up to 49 per cent stake in wholly owned subsidiary BoB Financial Solutions Limited (BFSL).
Complete details will be released today
On Thursday, the bank said that the transaction process and other important things would be issued on March 10. The bank said that after this the further process will be completed. According to some reports, the bank will sell this stake to increase its other business.
BoB issued the card before SBI
BoB Financial Solutions was earlier known as BOB Cards Limited. Bank of Baroda entered India’s credit card market in 1994, four years before the SBI card was launched, but lagged behind its peers and other lenders in card issuance. Although in the last few years it has increased its business.
The loss of coming too soon
Shailendra Singh, Managing Director and Chief Executive of BoB Financial Solutions Ltd, said in an interview in November 2021 that we had entered the credit business very early. If he had come a little late, this business would have been better. We arrived at a time when there was no CIBIL (credit bureau). He said that then India was not ready for a product like credit card.
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