BoB to offload 49% in credit card arm

New Delhi: State-owned Bank of Baroda (BoB) plans to sell up to 49 per cent stake in credit card business arm BOB Financial Solutions Ltd.

Currently, it is 100 per cent owned by BoB. The bank has floated a Request for Proposal for roping in a strategic investor, and the process is expected to complete in one year, a senior bank official said. BoB intends to offload up to 49 per cent in a combination of primary and secondary capital from one or multiple investors to create more value in BoB Financial Solutions and take it to the next level of growth, the official said.