State-owned banks receive $73.48 million from India International Bank Malaysia liquidation

State-owned banks Bank of Baroda, Union Bank of India, and Indian Overseas Bank on Friday (December 19) received interim capital repatriation of $73.48 million (approximately ₹610 crore) from the liquidator of India International Bank Malaysia (IIBMB) following its Member’s Voluntary Liquidation.

Bank of Baroda said it has received $29,391,204.52 from the liquidator towards the interim distribution of capital repatriation. IIBMB was a joint venture of Bank of Baroda, Union Bank of India and Indian Overseas Bank, with Bank of Baroda holding a 40% stake.

Union Bank of India informed that it has received $18,369,485.95 from the liquidator as part of the interim distribution of capital repatriation arising from the Member’s Voluntary Liquidation of IIBMB. Union Bank of India holds a 25% share in the joint venture.



Also Read: Bank of Baroda underwrites $500 million foreign currency loan for ONGC Videsh arm



Indian Overseas Bank stated that it has received $25,717,298.33 from the liquidator towards interim capital repatriation on account of the Member’s Voluntary Liquidation of India International Bank (Malaysia) Bhd. Indian Overseas Bank held a 35% stake in the joint venture.

IIBMB was a joint venture of the three public sector banks — Bank of Baroda, Union Bank of India and Indian Overseas Bank.



Also Read: Banks slash lending rates after RBI’s repo cut, pass relief to borrowers