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Three Indian banks form joint venture in Malaysia
Kuala
Lumpur: Three Indian banks have put up an initial investment of 86 million
dollars into a joint venture to set up a subsidiary in Malaysia. The three banks
- Andhra Bank, Bank of Baroda and Indian Overseas Bank - have inked an agreement
to set up the India BIA Bank (Malaysia) Bhd, which is expected to start operations
by September. Bank of Baroda chairman and managing director M. D. Mallya told
reporters in Mumbai that they had received permission from the Reserve Bank of
India for the joint venture, and would seek approval soon from the Malaysian authorities
to open its branch in Kuala Lumpur. Under the joint venture, Bank of Baroda will
have a 40 percent stake, IOB 35 percent and Andhra Bank 25 percent, The Star reports.
The India BIA Bank will target the Indian corporate sector, expatriates from India
and the Malaysia Indian community as their customers.
