Chennai-based state-run lender Indian Overseas Bank (IOB) has announced that it has entered into a joint venture with Bank of Baroda and Andhra Bank with the aim to start operations in Malyasia.

The new joint venture is expected to start operations by end of fiscal 2009.
 
In the new joint venture IOB will own 30% stake while Bank of Baroda and Andhra Bank will acquire 40 and 30 per cent respectively.

Bank of Baroda (BoB), India’s leading public sector lender with the largest worldwide presence, has announced that it has opened a new electronic banking service unit (EBSU) in Abu Dhabi.

According to the sources, the bank already has six full-fledged branches in the United Arab Emirates (UAE).

The source also said that Mr. Talmiz Ahmad, India`s Ambassador to the UAE and managing director M.D. Mallya kicked off the unit at the Mussafah area of the UAE capital.