Joint Venture19 Dec 2025, 09:21 pm
Indian Overseas Bank Receives USD 25.7 Million from Liquidator of Joint Venture
AI Summary
Indian Overseas Bank has received an amount of USD 25,717,298.33 from the liquidator towards the interim distribution of capital repatriation on account of Member’s Voluntary Liquidation (MVL) of India International Bank (Malaysia) Bhd. This joint venture was previously held by three banks, including Indian Overseas Bank with a 35% share.
Key Highlights
- Indian Overseas Bank receives USD 25.7 million from the liquidator of a joint venture
- The joint venture, India International Bank (Malaysia) Bhd, was a collaboration between Bank of Baroda, Indian Overseas Bank, and Union Bank of India
- Indian Overseas Bank held a 35% share in the joint venture
- The funds were received as part of the interim distribution of capital repatriation due to Member’s Voluntary Liquidation (MVL)