Bank of Baroda has received USD 29,391,204.52 from the liquidator of India International Bank Malaysia (IIBMB). The funds represent an interim distribution of capital repatriation on account of Member’s Voluntary Liquidation (MVL). Bank of Baroda’s share in IIBMB is 40%, alongside Union Bank of India and Indian Overseas Bank, marking a significant milestone in the liquidation process.
Capital Repatriation from IIBMB Liquidation
Bank of Baroda has announced the receipt of USD 29,391,204.52. These funds are from the liquidator managing the Member’s Voluntary Liquidation (MVL) of India International Bank Malaysia (IIBMB).
Joint Venture and Bank of Baroda’s Stake
India International Bank Malaysia (IIBMB) was a joint venture. Bank of Baroda held a 40% stake in the venture. Other partners included Union Bank of India and Indian Overseas Bank.
Source: BSE
