Bank of Baroda announced it has received $29,391,204.52 from the liquidator, representing the interim capital repatriation distribution. IIBMB was a joint venture involving Bank of Baroda, Union Bank of India, and Indian Overseas Bank, with Bank of Baroda owning a 40% stake.
Union Bank of India reported receiving $18,369,485.95 from the liquidator as part of the interim capital repatriation distribution due to the Member’s Voluntary Liquidation of IIBMB, in which it holds a 25% stake.
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Indian Overseas Bank conveyed that it has received $25,717,298.33 from the liquidator as part of the interim capital repatriation corresponding to the Member’s Voluntary Liquidation of India International Bank (Malaysia) Bhd, with a 35% ownership in the joint venture.
IIBMB was established as a joint venture among the three public sector banks — Bank of Baroda, Union Bank of India, and Indian Overseas Bank.
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