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.

Public sector lender Indian Overseas Bank announced that it has clinched a pact with Japan-based Universal Sompo General Insurance Company (USGICL) for distributing products of the non-life insurer.

While commenting on the pact, Mr. Omkar Nath Singh, Universal Sompo General Insurance Executive Chairman stated, "This venture is going to increase the penetration of insurance products among the bank's customers across the country."