3 Public sector lender entered into a joint venture for setting up a banking subsidiary in Malaysia in 2009

3 Public sector lender entered into a joint venture for setting up a banking subsidiary in Malaysia in 2009

Three public sector lenders — Bank of Baroda (BOB), Indian Overseas Bank (IOB), and Andhra Bank have entered into a joint venture agreement for setting up a banking subsidiary, India BIA Bank (Malaysia) Bhd, in Malaysia.

Under the joint venture, Bank of Baroda will have a 40 percent stake and IOB 35 percent while Andhra Bank holds the balance 25 percent.

Their customer target would be the Indian corporate sector, expatriates from India and the Indian population in Malaysia.

The Bank of Baroda has an extensive network in central and northern India and the Indian Overseas Bank and Andhra Bank in the southern parts of the country.