The Indian banking institution Bank of Baroda is planning to sell two of its subsidiaries (one in Ghana and another in Trinidad and Tobago). According to Indian media which reported the information, the sales should let the bank focus on its most profitable subsidiaries.

“Some of these subsidiaries are not performing as per expectation. Hence, we decided to exit. Unlike Uganda and Kenya, which are both listed subsidiaries, Ghana and T&T are not core to our business”, one of the Indian bank’s official said.

Let’s remind that Bank of Baroda launched the Ghanaian subsidiary in February 2008. In its financial reports for the period ending June 30, 2018, the company reported net interest income estimated at GHS19.1 million while a year earlier, it was GHS20.4 million.

Chamberline Moko