Andhra Bank to divest stakes in joint ventures

Andhra Bank to divest stakes in joint ventures
Highlights

Stateowned Andhra Bank on Monday said it will divest its stake either fully or partially in various joint venture firms The board of directors of the bank, at its meeting held on November 3, 2018, accorded its approval for divestment of banks stake in full or in part in joint venture investments of the bank

Hyderabad: State-owned Andhra Bank on Monday said it will divest its stake either fully or partially in various joint venture firms. The board of directors of the bank, at its meeting held on November 3, 2018, accorded its approval for divestment of bank's stake in full or in part in joint venture investments of the bank -- ASREC India Ltd, India International Bank (Malaysia) Bhd and IndiaFirst Life Insurance Co Ltd, Andhra Bank said in a statement. IndiaFirst is a joint-venture between Bank of Baroda (44 per cent), Andhra Bank (30 per cent) and UK's wealth and investment management firm Legal & General (26 per cent).

India International Bank (Malaysia) Berhad (IIBM) is a joint-venture of state-owned Bank of Baroda (40 per cent); Indian Overseas Bank (35 per cent) and Andhra Bank (25 per cent) that began its operations in July 2012. ASREC is engaged in securitisation and reconstruction of financial assets business. It is owned by Allahabad Bank (27.04 per cent), Bank of India (26.02 per cent), Andhra Bank (26.02 per cent), Indian Bank (11.22 per cent), LIC (9.18 per cent), Deutsche Bank (0.51 per cent).

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