Bank of Baroda (BOB) which holds 98.57 per cent shares in Nainital Bank, plans to sell its stake. The bank’s board recently approved of the shareholding divestment. BOB has issued an advertisement for inviting expression of interest (EOI) from interested parties, though it has not stated any timeframe for the sale process to conclude.
Nainital Bank is one of the oldest private sector banks and was established in 1922 to serve the needs of people in that region. In 1973, the RBI directed BOB to manage the affairs of Nainital Bank. The latter has 150 branches spread across Uttarakhand, Uttar Pradesh, Delhi, Haryana, and Rajasthan.