Bank of Baroda with Andhra Bank, IOB aims JV commercial bank in Malaysia

Bank of Baroda (BOB) with Andhra Bank and Indian Overseas Bank is planning to open a new joint venture commercial bank in Malaysia. The actual investment ratio is yet to be finalized; BOB will be a major stakeholder in the JV. The new bank would render total commercial bank services in Malaysia for the benefit of Indians and Malaysian citizens.

Before November, the first branch of the bank will be established in Kuala Lumpur. BOB is implementing a massive expansion programme this year. It plans to add another 500 branches to its existing network of 3,450 branches in India before the end of this fiscal. The bank has 85 branches and representative offices overseas, he said, adding that it plans to add another 15 branches abroad. The new branches will come up in New Zealand, Kenya, Uganda and Guyana, among other countries.

The banks international business accounted for 23% of the total business. As of now, the customer base of BOB has risen to 39 million. In the immediate future, the bank was hopeful of taking this to 40 million.