A recent press report said that the proposed India International Bank (Malaysia), which is a trio joint venture between Bank of Baroda (BoB), Indian Overseas Bank (IOB) and Andhra Bank, will have a paid-up capital of $100 million.
Reports said that Bank of Baroda holds the majority stake at 40 per cent and it will invest about Rs 180 crore. IOB holds 35 per cent and Andhra Bank 25 per cent will invest Rs. 157 crore and Rs. 112 crore, respectively, in the joint venture. Bank of Baroda is well known for its Home Loan and other loan with a number of conveniences to suit ones budget.
Mr. M. D. Mallya, Chairman and Managing Director, BoB told the press that the bank will be operational by October this year and the first branch will be set up at Kuala Lumpur.
He said that the capital requirement for setting up branches in Malaysia is high and so it has considered to adopting the JV route. E added saying that BoB is likely to receive capital infusion to the tune of Rs 800 crore from the Government this fiscal and the Centre has taken a view of increasing its stake in the bank to 58 per cent from the earlier levels of 53 per cent.