Just over a week after Scotia Bank announced that it is selling its banking operations in Guyana, the Bank of Baroda, one of India’s leading public sector banks, has now taken steps to sell its operations here.
According to the Financial Express, the banking institution is looking to divest its entire 100% stake in its Bank of Baroda Guyana Inc subsidiary through investment bankers.
It was noted that the sale is part of a strategy to exit relatively less remunerative international markets by the Bank of Baroda, which continues to call itself ‘India’s international bank’.
The bank is now seeking bids from investment bankers to help find a buyer. It has asked for technical and financial proposals by the end of this year.
Meanwhile, the Bank of Baroda branch here has not made any statement on the matter.
However, the Government of Guyana said it is not surprised by the move, attributing it to the cost of adhering to the anti-money laundering regulations which may have dented their income.
Finance Minister Winston Jordan said this morning that since April the Bank indicated that it would be closing its Guyana operations.
This move by the Indian bank comes just over a week after the Canadian-based Scotiabank announced that it has signed an agreement to sell its banking operations in Guyana and eight other Caribbean nations to Republic Financial Holdings Ltd, a deal worth some US$123 million.