New Delhi: Bank of Baroda’s wholly owned subsidiary, bob Securities & Giltedge Limited, has commenced operations as a non-banking financial company (NBFC), marking a step in the public sector lender’s plans to diversify its financial services business.

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The launch aligns with the bank’s strategy to strengthen the BOB Group through specialised capabilities and build scale across businesses, it said in a release. The subsidiary’s commencement of NBFC operations is aimed at strengthening the group’s presence in government securities and debt capital markets.

"The commencement of operations as an NBFC lays the foundation for strengthening our presence in the Government securities and debt capital markets," said Debadatta Chand, Managing Director & CEO, Bank of Baroda.

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The move forms part of the bank’s broader vision of developing a diversified financial services institution, with specialised group businesses complementing its banking operations.

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