Bank of Baroda to sell Trinidad & Tobago subsidiary

Bank of Baroda (BoB) has signed a binding Share Purchase Agreement (SPA) for sale of business of Bank

of Baroda (Trinidad & Tobago) Limited (BOBTTL) with Ansa Merchant Bank Ltd.

This sale is subject to approval from host country regulator - Central Bank of Trinidad & Tobago (CBTT), BoB said in a stock exchange filing.

Established in 2007, Bank of Baroda (T&T) operates as one of the eight licensed banks in Trinidad & Tobago. According to the Bankers Association of Trinidad and Tobago (BATT), the total business of Bank of Baroda (T&T) is said to be more than TT$500 million.

Other banks in the dual-island Caribbean nation include CIBC FirstCaribbean International Bank, Citi Bank, First Citizens Bank, RBC Royal Bank, Republic Bank, JMMB Bank and Scotiabank.

ANSA McAL

ANSA McAL currently provides financial services through ANSA Merchant Bank, and TATIL, an insurance company. Bank of Baroda’s operations in Trinidad & Tobago include three retail branches in Port of Spain, San Fernando and Chaguanas.

Investment banking firm Singhi Advisors along with its Latin American partner BroadSpan Capital advised ANSA Merchant Bank for this transaction.