BoB identifies PNB and Andhra Bank as partners for JV

Mumbai, Mar 30 (UNI) After opting out by its two former partners, Bank of Baroda (BoB) has now zeroed in on Punjab National Bank (PNB) and Andhra Bank (AB) as its two new partners for its proposed joint venture in Malaysia.

Making a formal announcement to this effect here today, the bank CMD, Anil Khandelwal, told the media that "While my bank will be investing the capital of 40 per cent in the JV, PNB and AB would be investing capital amounting to 35 and 25 per cent respectively". We have already received the necessary RBI approval for the same, he added.

Talking about the reason behind the bank's plan to go for JV in Malaysia, Mr Khandelwal said that "Remittance has gone by leaps and bounds and thus becoming the biggest business in that country and hence our plan to anchor our base there".

Apart from it, the bank has lined up a hosts of new projects.

While both the branches of the bank at Kowloon and HK Central in Hong Kong are being upgraded as full-fledged branches, its subsidiary office will come under its operation in Trinidad&Tobaggo within a time period of three months from now.

Moreover, the bank is coming up with its representative office in Australia and second branch in Tanzania. Right now the bank is having 60 branches abraod which was likely to go up to 70 by the year-end which will include seven subsidiary branches of the bank, which has signed an MoU with Pioneer group for its foray into asset management in recent past.

Khandelwal said his bank was busy chalking out its business plan.

UNI