3-Indian banks mull JV commercial bank in Malaysia

TIRUCHIRAPALLI: A trio of Indian banks - Bank of Baroda, Andhra Bank and Indian Overseas Bank- is planning to start a new joint venture commercial bank in Malaysia.

The first branch of the bank will be set up in Kuala Lumpur before November this year. Bank of Baroda is presently implementing expansion programme this year. It is also planning to add almost 500 branches to the present network of 3,450 branches in India before the end of this fiscal year.

Moreover, Bank of Baroda has got 85 branches and representative offices internally. It is mulling to add another 15 branches internationally. The new branches will be coming up in New Zealand, Kenya, Uganda and Guyana.

The international business accounts for 23% of the net business of the bank. The customer base of Bank of Baroda has surged to 39 million.