Chennai, Aug 3 : Indian Overseas Bank (IOB) has asked the Union Bank of India to buy its 35 per cent holding in India International Bank, Malaysia, a top IOB official said on Tuesday.
The India International Bank was originally a three-way joint venture between the Bank of Baroda (40 per cent stake), the IOB (35 per cent) and Andhra Bank (25 per cent).
The Andhra Bank was taken over by the Union Bank of India as a part of the mega bank merger scheme last year."We have asked Union Bank of India to buy our stakes.
The valuation exercise is going on," IOB Managing Director & CEO Partha Pratim Sengupta told reporters.According to him, the IOB had decided to exit the Malaysian joint venture as part of its plan to come out of Reserve Bank of Indias (RBI) Prompt and Corrective Action (PCA) fold.
Though Sengupta said the IOB is expecting to be out of the PCA fold as it fulfills the RBIs conditions, the decision to exit the India International Bank continues to hold.
Latest News
Download App
Channels
Home English News TeluguStop Exclusive Stories Flash/Breaking News Trending News Political Movie Health Tips Crime News Movie Reviews NRI News Viral Videos Bhakthi/Devotional Press Releases Viral Stories Quotes Photo Talks Baby Boy NamesBaby Girl Names Celebrity ProfilesFollow Us!
Contact Us!
TeluguStop.com Media, Siya Residency, Sri Sri Circle, Khammam, Telangana- 507002info@telugustop.com Ph No : 999-279-9973
About Us!
About Us Jobs Advertising DMCA / Removal Terms of Use Privacy Policy