Bank of Baroda plans to sell Trinidad and Tobago unit to ANSA Merchant Bank

Bank of Baroda has agreed to sell its business in Trinidad and Tobago as part of efforts to rationalise its international operations and sharpen focus at India.
The lender will sell Bank of Baroda (Trinidad and Tobago) Ltd. to ANSA Merchant Bank Ltd, as per stock-exchange filing. The financial details of the deal were not disclosed.
Bank of Baroda started operations in Trinidad and Tobago in 2007. It has three retail branches in the country, in Port of Spain, San Fernando and Chaguanas, which offer loans to both retail and corporate clients. The bank’s overall business in the dual-island nation is around 500 million Trinidadian dollars, which is approximately US$74 million.


Bank of Baroda had said in December last year that it plans to rationalise its global presence and increase efficiency and profitability of its overseas offices. It aimed to close branches in Trinidad, Tobago and Ghana as per the government’s guidelines. The rationalisation of its overseas business comes after its domestic merger with two other state-owned banks- Dena Bank and Vijaya Bank, this year.
The bank’s annual revenue last year from the Ghana business stood at Rs 75.31 crore, Trinidad and Tobago at Rs 23.90 crore while Guyana at Rs 26.38 crore.
The transaction will extend ANSA merchants’ offerings into commercial and retail banking from the current auto financing and asset finance. Previously, it had its presence in investment banking and investment management services.

The transaction between Bank of Baroda and ANSA is subject to approval by the Central Bank of Trinidad and Tobago.
Investment bank-Singhi Advisors and its Latin American partner BroadSpan Capital advised ANSA Merchant Bank on this transaction.