India International Bank in Malaysia Will be Operational by October

Kolkata: 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 (around Rs 450 crore at the current exchange rate). BoB, which holds the majority stake at 40 per cent, will invest about Rs 180 crore, while IOB (35 per cent) and Andhra Bank (25 per cent) will pump in about Rs 157 crore and Rs 112 crore, respectively, in the joint venture, said Mr M. D. Mallya, Chairman and Managing Director, BoB.