Bank of Baroda today said Spanish lender Banco Bilbao Vizcaya Argentaria (BBVA) has called off the proposed joint venture with its arm Bobcards for the credit card business.
According to the Memorandum of Understanding (MOU) between them, Banco Bilbao Vizcaya Argentaria (BBVA) was to buy a 51% stake in Bank of Baroda's credit card arm.
"BBVA has now informed to Bank of Baroda that although they consider Bank of Baroda as an ideal partner, due to change of strategy within BBVA, they may not be able to proceed further in the matter," the state-owned lender said in a filing to the BSE.
Following the stake transfer, BBVA would have become majority partner in the credit card joint venture.
