BoB announces partners for insurance, Malaysian operations

Mumbai, Mar30 | Updated: Mar 31 2007, 07:44am hrs
The Mumbai-based Bank of Baroda has announced the setting up of Malaysian venture in collaboration with two other nationalized banks viz. Punjab National Bank and Andhra Bank. BoB will own 40% of the proposed venture while PNB and Andhra Bank will hold 35% and 25% respectively said Anil K Khandelwal, chairman and managing director of the bank.

Earlier partners for the foray were Bank of Maharashtra and Oriental Bank of Commerce. It will do all banking operations with a minimum capital base of Rs 330 crore, an official said.

He also announced that the UK-based insurance firm Legal and General (as reported by FEon March 27) will be the foreign joint venture partner for the bank's life insurance business foray. We will hold 50% in the insurance JV while the Legal and General will own 26% and we are scouting for the third partner, he added.

He also said that the bank has upgraded the status of its two branches in Hong Kong to full fledged branches.