Thursday, June 4, 2009

BoB, IOB, Andhra Bank ink JV pact

Bank of Baroda (BoB) today said it has signed a joint venture agreement with Indian Overseas Bank (IOB) and Andhra Bank to set up a subsidiary in Malaysia.

BoB will have a 40 per cent stake in the subsidiary, which is proposed to be named as India BIA Bank (Malaysia) Bhd, it said in a statement.

The IOB will own 35 per cent stake in the overseas venture, while Andhra Bank will hold 25 per cent stake, the statement added.

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