Conglomerate Bank: BoB eyes more contribution from subsidiaries, JVs and associates to group assets and profit
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Debadatta Chand, Managing Director & CEO of Bank of Baroda
Bank of Baroda (BoB) anticipates that contributions from its subsidiaries, joint ventures (JVs), and associates to consolidated assets and profits will grow twofold within a five-year timeframe.
This initiative aligns with the strategy of India’s second-largest public sector bank to broaden the reach and scale of the “BoB Group,” positioning it as a comprehensive banking conglomerate, stated Debadatta Chand, MD & CEO.
As of December 2025, subsidiaries and JVs accounted for 7% of the bank’s consolidated net profit and 5% of consolidated assets.
Chand explained, “Our vision for the BoB Group emphasizes expansion into new territories through para-banking services and scaling existing operations.”
He highlighted plans to establish a Standalone Primary Dealer (SPD) subsidiary as part of this expansion. The Reserve Bank of India recently approved BoB’s proposal to form this wholly-owned subsidiary with a capital infusion of up to ₹2,000 crore.
SPDs facilitate government borrowing programs by underwriting sovereign securities and engaging in trading activities across instruments like Treasury Bills, corporate bonds, and money market offerings.
“Our goal is to enhance the collective weight of subsidiaries and JVs in the Group’s financial performance beyond current levels,” Chand emphasized, noting openness to capital injections to accelerate growth.
BoB’s current portfolio includes eight domestic subsidiaries—among them Nainital Bank, BoBCARD, and IndiaFirst Life Insurance—seven overseas subsidiaries across Africa, the UK, and New Zealand, plus joint ventures and associates in regional banking ventures.
Ranked second among India’s public sector banks by total business (deposits plus advances) at ₹28.91 lakh crore as of December 2025, BoB is closely followed by Punjab National Bank, Canara Bank, and Union Bank of India. State Bank of India leads with ₹104 lakh crore in total business.
Published on February 9, 2026
