Bank of Baroda is reportedly seeking to sell Nainital Bank as it sheds non-core assets to bolster its balance sheet. The decision on the size of the stake to be sold will depend on approvals from the Reserve Bank of India (RBI). The Bank holds 98.6% stake in Nainital Bank.
Nainital Bank has about 135 branches spread across five states. It reported a net income of Rs 48.4 crore in FY17, little changed from the previous year, and its bad-loan ratio stood at 5% of the total.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
