Bank of Baroda Ltd. has entered into a proposed credit card joint-venture agreement with Spain’s Banco Bilbao Vizcaya Argentaria, the India-based bank announced in a Dec. 16 filing with the Bombay Stock Exchange.
According to the filing, Banco Bilbao Vizcaya Argentaria has signed a memorandum of understanding with the Indian bank to acquire a 51% stake in Bobcards Ltd., its credit card subsidiary, according to the filing. The companies expect to complete the deal in the first half of 2011.
Banco Bilbao Vizcaya Argentaria has operated in India since 2006, supporting a trade and project-finance business and syndicated credit card operations.
Bank of Baroda declined PaymentsSource requests for comment.
According to the Bobcards website, the card company issues some 15 million MasterCard- and Visa-branded cards.
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