Bank of Baroda Receives USD 29.39 Million from closure of India International Bank Malaysia
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India International Bank Malaysia has closed permanently and the shareholders have received the proportionate amount.
Bank of Baroda has received USD 29.39 million (USD 29,391,204.52) as part of an interim distribution from the liquidation of India International Bank Malaysia (IIBMB). The amount was received from the liquidator towards capital repatriation following the Member’s Voluntary Liquidation (MVL) of IIBMB.
India International Bank Malaysia was a joint venture of three public sector banks — Bank of Baroda, Union Bank of India, and Indian Overseas Bank. Bank of Baroda held a 40% stake in the joint venture.
It commenced operations in 2012 in Kuala Lumpur. It was established to serve the Indian diaspora and businesses, offering trade finance, forex, and remittance services.
The government of Malaysia provided banking license in 2010. Andhra Bank (later merged into Union Bank) held a 25% stake in the joint-venture, Bank of Baroda owned 40%, and IOB the remaining 35%.
