Bank of Baroda (BOB) on Saturday informed the exchanges that its Board has approved sales of its entire 40 per cent stake in India International Bank (Malaysia) Berhad (IIBMB).
IIBMB is a joint venture with among BOB, Indian Overseas Bank (IOB) and erstwhile Andhra Bank (AB), which is now part of Union Bank of India (UBI) as part of a larger bank merger announced in August 2019 under which ten PSU banks were merged to create four big banks.
In a regulatory filing, BoB said, “In light of discussion on business performance and projections of IIBMB, the Board of the Bank accorded approval for sale of its entire stake (BOB 40%) / Closure of operations of IIBMB in consultation with other JV partners. Reserve Bank of India has accorded no objection in this regard.”
IOB and Andhra Bank (UBI) holds 35 per cent and 25 per cent respectively in IIBMB.