BoB gains over 4% after share purchase agreement with Ansa Merchant Bank

Shares of Bank of Baroda (BoB) on Friday advanced by over 4 per cent after the company signed a share purchase agreement with Ansa Merchant Bank to sell the business of Bank of Baroda Trinidad & Tobago.

On the BSE, the stock settled 3.93 per cent higher at ₹101.75. Intra-day, it rose 4.29 per cent to hit a high of ₹102.10. On the NSE, the stock rose 4.14 per cent to end at ₹101.95. During the day, it gained 4.34 per cent to ₹102.15. In terms of volume, 17.29 lakh shares of the company were traded on the BSE, while over 3.4 crore units changed hands on the NSE.

Bank of Baroda Trinidad & Tobago started its operations in October 2007 as a wholly-owned overseas subsidiary.

“We have had a long and successful tenure in Trinidad & Tobago and will look forward to a disruption-free service to our valued customers of in that market,” Executive Director Murali Ramaswami said in a statement.

The sale will need approval from the Central Bank of Trinidad & Tobago. Bank of Baroda had decided to exit the business way back in May 2017.