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    South Asia
     Jul 16, 2005
Bank of Baroda eyes Malaysia

KUALA LUMPUR - The Bank of Baroda (BoB)plans to set up a joint venture in Malaysia with two other Indian banks - Bank of Maharashtra and The Oriental Bank of Commerce.

BOB will submit its application for setting up this banking unit to Malaysia's Central Bank soon, a bank official said.

The ratio will be 40:30:30 among Bank of Baroda, Oriental Bank of Commerce and Bank of Maharashtra respectively, BoB's chief representative Arun Tiwari said. The Bank of Baroda already has a representative office in Malaysia.

The three banks have decided to enter the country as a partnership allowing them to spread risks as well as share capital requirements.

A name for this joint venture has not yet been decided. The proposed bank will provide commercial wholesale and retail services to a small extent.

"We are actively looking into a name and logo which will signify our line of business, Malaysian-Indian relations and also a brand which symbolizes customer centricity, reliable financial partner and international orientation," Tiwari said.

The Bank of Baroda has worked closely with the Malaysian Industrial Development Authority, Malaysia External Trade Development Corp, the Construction Industry Development Board and other industry associations to provide all information which is critical in doing business with another country, he said.

Meanwhile, ICICI Bank has enhanced its international presence by opening two new branches, one in the United Kingdom and another in Canada.

India's second-largest commercial bank has opened its second branch in the UK at Leicester and fourth branch in Canada on Gerrard Street in Toranto, a statement from ICICI Bank said.

Both the branches would offer retail as well as corporate banking services to customers, it said.

"As a full service bank with strong Indian links, we believe we are in a unique position to become the preferred provider of financial services for the non-resident and people of Indian origin in both the countries", Bhargav Dasgupta, head of bank's international banking group, said.

(Asia Pulse/PTI)

 

 
 



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