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Union Bank to Buy Stakes of Bank of Baroda and Indian Overseas Bank

Published on April 13, 2022
Current Context: Union Bank will buy a 75 % stake held jointly by BOB and IOB in Indian International Bank Malaysia.
Union Bank to Buy Stakes of Bank of Baroda and Indian Overseas Bank
  • Following the Prompt corrective Action norm of the RBI, IOB has devolved her shares in the India International Bank Malaysia to the Union Bank.
  • India International Bank Malaysia was incorporated in August 2011 with Andhra Bank as the Promoter holding a 25 % stake.
  • Looking at the size of the market in Malaysia, it was an effort to capitalize on the ever-growing sectors, the services sector in particular in Malaysia. However, as of March 2021 data, the bank slipped to a loss of 70,000 Ringgit.

Question:

Q.1 What is the currency of Malaysia?
a. Rubal
b. Dinar
c. Ringgit
d. Malaysian ringgit
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