India International Bank (Malaysia) - which is a three-way joint venture between Bank of Baroda, Indian Overseas Bank and Andhra Bank – will entail a total investment of $100 million (approximately Rs 450 crore).
Bank of Baroda, which holds the majority stake at 40 per cent, will invest about Rs 180 crore, while Indian Overseas Bank (35 per cent) and Andhra Bank (25 per cent) about Rs 157 crore and Rs 112 crore respectively in the joint venture, according to Mr M.D. Mallya, Chairman and Managing Director, BoB.
The bank would be operational by October, he said, while talking to newspersons on the sidelines of a banking conclave organised by the Federation of Indian Chambers of Commerce and Industry here on Thursday.