Bank of Baroda going through fundamental repositioning

VADODARA: State-owned lender Bank of Baroda (BoB) has undertaken a comprehensive review of its business and has finalised a detailed set of plans to fundamentally

VADODARA: State-owned lender Bank of Baroda (BoB) has undertaken a comprehensive review of its business and has finalised a detailed set of plans to fundamentally reposition it for future, chairman Ravi Venkatesan said. The lender reported its worst year in 2015-16. “These plans are intended to create a more agile and capable organisation with better controls and compliance,” Venkatesan said on the sidelines of its annual general meeting. To raise capital, the bank will sell its non-core assets gradually. For 2015-16, BoB reported a Rs 5,067-crore loss following the asset quality review mandated by RBI, which required the lender to go for a higher provisioning to cover bad loans.

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