Home / Business and Economy / Indian Banks Recoup Millions from Malaysian Venture
Indian Banks Recoup Millions from Malaysian Venture
20 Dec
Summary
- Three Indian banks received capital repatriation from IIBMB's liquidation.
- Bank of Baroda, Indian Overseas Bank, and Union Bank held stakes.
- Amounts received were in millions of US dollars and Indian rupees.
India International Bank (Malaysia) Bhd (IIBMB) is undergoing Member's Voluntary Liquidation (MVL), and its liquidator has begun the interim distribution of capital. Three prominent Indian public sector banks – Bank of Baroda (BoB), Indian Overseas Bank (IoB), and Union Bank of India (UBoI) – have received substantial capital repatriation.
Bank of Baroda was allocated $29.39 million (approximately ₹264 crore), Indian Overseas Bank received $25.71 million (approximately ₹231 crore), and Union Bank of India was assigned $18.36 million (approximately ₹165 crore). These amounts represent a partial return of capital following the decision to liquidate the Malaysian-based bank.
The three Indian banks shared a partnership in IIBMB, with Bank of Baroda holding a 40% stake, Indian Overseas Bank holding 35%, and Union Bank of India holding the remaining 25%. The interim distribution signifies progress in unwinding the assets and liabilities of the joint venture.
