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.

According to reports, the public sector bank is also searching the options to open branches in New Zealand, while it is putting its plan on hold to commence operations in Australia and US.
 
The reports further added the third three month period operating profit from the overseas branches during the quarter ended December 31, 2008 for the bank was Rs 53 crore against Rs 34 crore, in the previous fiscal.
 
Banks deposits from overseas operations grew to Rs 3,590 crore as compared to Rs 2,700 crore, while advances increased to Rs 5,225 crore from Rs 3,517 crore, a year ago.