Three Indian public banks namely Bank of Baroda (BoB), Indian Overseas Bank (IOB) and Andhra Bank have initiated a joint venture to set up a subsidiary in Malaysia. Under the joint venture, BoB will have a 40% stake and IOB 35% while Andhra Bank holds the balance 25%.
The joint venture bank will be named as India BIA Bank (Malaysia) Bhd, and is expected to start operations by September 2009 with an initial investment of US$86 million (RM300 million).
Their targeted customers will be the Indian corporate sector, expatriates from India and the Indian population in Malaysia. It will focus on lending to edible oil and mentha oil, besides tapping local corporates and the ethnic business community.
With BoB having extensive network in Central and Northern India, and IOB and Andhra Bank in the Southern parts of India, the subsidiary in Malaysia is expected to attract the technical expatriate population who has migrated to Malaysia from different parts of India.
BoB and IOB already having a presence in Malaysia for some years through their representative offices, and they have studied the market well and are well aware of the available opportunities for business development.
This is viewed as a good news to be able to facilitate more trades between India and Malaysia. Trades between the two nations has increased by 84.32% in FY07 and 30.07% in FY08.
Friday, June 5, 2009
BoB, IOB & Andhra Bank to setup India BIA Bank in Malaysia
Invest Malaysia 2009 conference
Invest Malaysia is an annual conference organized by Bursa Malaysia since 2005, which is arguably the country's most prominent showcase of public-listed companies which draws investors from all over the world.
It gives fund managers and institutional investors (both local and foreign) the chance to get first-hand information from corporate captains and government officials about investment opportunities in Malaysia.
Usually held in the month of March, this year it will be held from 30 June to 1 July.
Date: 30 June - 1 July 2009
Venue: Shangri-La Hotel, Kuala Lumpur
Bursa Malaysia will host the Invest Malaysia 2009 conference together with CIMB Investment Bank this year. Some 600 delegates are expected to attend the event.
Click here fore more information about Invest Malaysia 2009.
Wednesday, June 3, 2009
Kids Money Management Camp
There will be a Kids' Money Management Camp during this school holiday for the kids to develop good money habits using clear, practical examples and to empower parents as good role models who cultivate a harmonious money belief in family. Among the key beliefs that will be taught are good money stewardship & responsibility and money values.
Date: 5-13 June 2009
Time: 9am - 5pm
Venue: CIMB Wealth Advisors Bhd, Financial Care Centre, Damansara Perdana, PJ, Selangor.
Fees: RM150 (for 1 child and parents)
