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Bank of Baroda open to overseas acquisition
The country"s third-largest public sector lender Bank of Baroda (BoB) today said it is open to overseas acquisition if a good opportunity comes across. - FII-TO-FII: Grasim Ind traded at 3% premium - FII-TO-FII: Pantaloon traded at 7% premium - Bank of Baroda Q1 net zooms 85% at Rs 685 cr - BoB to raise Rs 3,500 cr via debt to fund expansion - BoB to sanction Rs 3095 cr to SMEs - FII-TO-FII: Grasim Ind traded at 3% premium "If good opportunity is there, I will positively consider it," Bank of Baroda Chairman and Managing Director M D Mallya said when asked if the bank is open to acquisitions abroad. "I am positive to it (acquisition) if there is a good opportunity in terms of valuation and strength," he told PTI. The Mumbai-based bank has the largest overseas presence with about 76 offices in 26 countries. "We are a strong bank....It has the capability. If the opportunity present itself, we will also react to it," he said. Despite the downturn, the bank"s overseas business contributed 23 per cent to net profit and 22.5 per cent to the bank"s total business. On organic expansion, Mallya said the bank has recently opened two branches in Trinidad & Tobago and plans to open another four branches shortly. In the next couple of months two branches in Uganda would come up, he said, adding Malaysian venture is also planned during the year.QuickQuid commented:
Such broad openess can work in favour of BOB as it can encourage foreign investments.Thanks for such post.
19.10.2011
QuickLoan commented:
I am very much positive to it, if there is a good opportunity in terms of valuation and strength.
24.11.2011
12 month loan commented:
This is really a good news for BOB investors that Bank of Baroda open to overseas acquisition. A good strategy is needed for overseas acquisition.
25.11.2011