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Our Bureau

Mumbai , Jan 8

Bank of Baroda will take over primary dealership (PD) from its wholly owned subsidiary, BOB Capital Markets Ltd, effective from January 16.

The bank received approval from the Reserve Bank of India on December 26 in this regard, it said in a notice to the BSE on Monday.

The PD activity will now be part of the bank's treasury and BOB Capital will concentrate on merchant banking and fee-based activity, said a senior official of BOB Capital. In 2005-06, the PD activity accounted for around Rs 30,000 crore in terms of turnover in 2005-06; merchant banking was worth about Rs 2,000 crore. BOB Capital plans to broaden its fee-based and investment banking activities.

It has plans to enter equity broking and has taken membership with the BSE and the NSE, the official said.

It is also considering online retail broking within a year, he added.

On Monday the Bank of Baroda scrip closed at Rs 238.15 on the BSE, down 1.39 per cent from Friday's close of Rs 241.5.

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BoB gets nod to take over PD activity

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