Bank of Baroda plans to divest 49% stake in credit card subsidiary

Public sector lender Bank of Baroda (BoB) is planning to rope in a strategic investor for its credit card subsidiary, BOB Financial Solutions (BFSL), by divesting 49 per cent stake. 

At present, BoB holds 100 per cent in the entity.

 While the Mumbai-based lender has a huge customer base to tap into, it needs expertise for growing credit card business which strategic investors can bring to the table. 

The bank is looking at timeline of 12 months to bring in a partner for technology, distribution and sourcing knowledge, bank executives said. 

Capital market firm ICICI Securities is advisor for the deal. Bank officials said