Bank of Baroda (BoB) on Saturday said it has become one of the initial subscribers to the Memorandum and Articles of Association of IBBIC Pvt Ltd (IBBIC).
IBBIC is proposed to be incorporated as a financial technology company with the objective of providing a platform for exploring, building and implementing Distributed Ledger Technology (DLT) solutions for the financial services sector.
The public sector bank, in a regulatory filing, said it has picked up 6.67 per cent stake through acquisition of 50,000 equity shares of face value Rs. 10 each in IBBIC for a cash consideration of Rs 5 lakh.
Bank of Baroda and its subsidiaries in the normal course of business may have business dealings with IBBIC at an arm’s length, according to the filing.
Company Registration application of IBBIC will be submitted to the Registrar of Companies, Mumbai by the end of November, 2020. it added.