KOLKATA (The Economic Times) -- State-run lender Bank of Baroda (BOB) is scouting for a partner to revive its loss-making credit card business and compete with other companies in the fast-growing segment.

""We will take a call to either merge the card division with the bank or take a strategic partner who has domain knowledge in the credit card business,"" BOB Chairman and Managing Director A.K. Khandelwal said.
""The loan recovery mechanism is very important as also aggressive marketing drive to compete with private players,"" he said.
""If we do not find a suitable partner then we will merge and bring the card division in the retail business fold,"" Khandelwal said.
He, however, said no final decision had been taken and it would take some more time ""before we take the step"".
The credit card business under BoB Card has posted loss during the fiscal.
The bank has partnered with the Milan-based Pioneer Global Asset Management and sold 51 percent to revitalize its mutual fund. It has already merged its housing finance company with the bank as part of organizational restructuring.
Khandelwal did not disclose the valuation of the AMC, but said it received the premium amount from them. The AMC could be renamed BOB Pioneer