Bank of Baroda (NZ) is a fully owned branch of Bank of Baroda. The parent institution possesses 94 branches or offices abroad, spread across 17 countries. On Wednesday, the shares of Bank of Baroda reached a record high of ₹233.75, following a more than three percent increase as they were locked in an upper circuit. The surge in share value occurred after the bank invited potential sellers to divest their stake in its New Zealand branch.
Through a newspaper advertisement, the bank announced its intention to receive proposals for the “appointment of an investment banker for the sale/disinvestment of Bank of Baroda’s entire 100 percent stake in Bank of Baroda (New Zealand).” The deadline for the submission of proposals is set for 2 pm on January 24, according to a report by Livemint. According to the statement released by Bank of Baroda, it was emphasized that the parent bank guarantees all the liabilities of BoB (New Zealand). The statement also clarified that entities such as private firms, public limited companies, limited liability partnerships, and firms worldwide are eligible to participate in the tender process.
Looking back at the past year and gearing up for 2024, Bank of Baroda (NZ) stands as a wholly owned subsidiary of Bank of Baroda, which boasts ownership of 94 overseas branches or offices across 17 countries. Additionally, the report highlights the bank’s extensive domestic presence with 8,200 branches, including 4,942 in rural and semi-urban areas.
On December 15, as reported by PTI, Bank of Baroda disclosed its plan to generate funds amounting to ₹2,500 crore through Basel III bonds. The Capital Raising Committee of the bank approved a proposal to raise the initial portion of Basel III-compliant Tier II bonds, featuring a base issue size of ₹1,000 crore, with a green-shoe option allowing the retention of oversubscription up to ₹1,500 crore, according to the report. Adhering to the Basel III capital norms, banks are required to enhance and reinforce their capital planning processes. Earlier, on November 4, Bank of Baroda announced a 28 percent increase in net profit, reaching ₹4,253 crore in the second quarter.
