Liquidation of Malaysian JV: BoB, IOB and Union Bank collectively get $73.4 M

Bank of Baroda (BoB), Indian Overseas Bank (IoB) and Union Bank of India (UBoI) have received USD 29.39 million, USD 25.71 million and USD 18.36 million (INR 264 crore, INR 231 crore and INR 165 crore) respectively, from the liquidator towards the interim distribution of capital repatriation on account of Member’s Voluntary Liquidation (MVL) of India International Bank (Malaysia) Bhd (IIBMB).The three public sector banks had a three-way partnership in IIBMB, holding 40%, 35% and 25% stake, respectively.