Thursday, July 14 2005 11:22 Hrs (IST) - World Time -

Kuala Lumpur: Bank of Baroda (BoB) plans to set up a joint venture in Malaysia with two other Indian banks; Bank of Maharashtra and The Oriental Bank of Commerce.

BOB will submit its application for setting up this banking unit to Malaysia's Central Bank soon, a bank official said.

The ratio will be 40:30:40 among Bank of Baroda, Oriental Bank of Commerce and Bank of Maharashtra respectively, BoB chief representative Arun Tiwari said. Bank of Baroda already has a representative office in Malaysia.

The three banks have decided to enter the country as a partnership allowing them to spread risks as well as share the 300 crores capital requirement.

A name for this joint venture has not yet been decided. The proposed bank will provide commerical wholesale and retail services to a small extent.

"We are actively looking into a name and logo which will signify our line of business, Malaysian-Indian relations and also a brand which symbolises customer centricity, reliable financial partner and international orientation," Tiwari said.

Bank of Baroda has worked closely with the Malaysian Industrial Development Authority, Malaysia External Trade Development Corp, Construction Industry Development Board and other industry associations to provide all information, which are critical in doing business with another country, he said.