Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.
Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.
The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Financials & FinTech research

Indian PSBs: Baroda (BOB IN) Stays a Buy, Adding Canara (CBK IN) As a Buy Replacing UBI (UNBK IN)

India: Relative Value Opportunities and Pair Trades (21 Aug 2026)

India: Relative Value Opportunities and Pair Trades (8 Sep 2026)

Axis Punch: Bank of Baroda - 18th February, 2026

Exiting the Long Position “pain Trade” on Union Bank of India; Stick with Long Position on Baroda

Bank of Baroda - Better NIM Performance Keeps ~1% RoA Hopes Alive

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We identify deep value at Bank of Baroda, and attractive value at UBI, versus the public sector bank peer group; Baroda trades at near 50% discount to SBI’s PBV ratio</li>
<li>Fears of a potential new round of public sector bank consolidation have abated recently, and both Baroda and UBI rank highly in terms of our scorecard</li>
<li>Both these banks are prominent buy candidates having solid credit quality, with resilient interest margins and strong post-provision returns, supported by their attractive valuations</li>
</ul>


We identify deep value at Bank of Baroda, and attractive value at UBI, versus the public sector bank peer group; Baroda trades at near 50% discount to SBI’s PBV ratio
Fears of a potential new round of public sector bank consolidation have abated recently, and both Baroda and UBI rank highly in terms of our scorecard
Both these banks are prominent buy candidates having solid credit quality, with resilient interest margins and strong post-provision returns, supported by their attractive valuations


Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks

Bank Of Baroda

Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks