First Indian bank in Malaysia to be launched next week

NEW DELHI, July 6 (Bernama) -– The first Indian Bank in Malaysia, India International Bank (Malaysia) Bhd (IIBB), will be launched next week. IIBB, a joint-venture between three Indian Banks namely Bank of Baroda, Indian Overseas Bank and Andhra Bank, will make a capital investment of RM300 million (about US$94.5 million). "The joint venture will add to the robustness of the Malaysian financial system. The promoter banks will bring in the expertise of international banking," the Indian High Commission in Malaysia said in a statement here Friday. The bank will provide a full range of banking services to customers. IIBB will introduce products and services catering to the requirements of the local population while facilitating trade and investments in the country. -- BERNAMA