From correspondents in Maharashtra, India, 03:33 PM IST

Bank of Baroda, Indian Overseas Bank and Andhra Bank will set up a joint subsidiary in Malaysia, it was announced Thursday.

'The subsidiary is proposed to be named as India BIA Bank (Malaysia) Bhd,' Bank of Baroda said in a regulatory statement.

'The shareholding pattern would be Bank of Baroda 40 percent, Indian Overseas Bank 35 percent and Andhra Bank 25 percent,' the statement said.

(Staff Writer, © IANS)