IIBM to open 5 bank branches in Malaysia this year
Kuala Lumpur: India International Bank Malaysia Bhd (IIBM) will open five commercial banking branches in its first year of operations in Malaysia, a top company official said Wednesday.
The bank, which is the first Indian bank to clinch a licence from the Malaysian government, is looking to expand to 15 branches in the next three years.
The branches are likely to be in Kuala Lumpur, Klang, Penang, and Johor Bahru where there is a sizeable number of Indian people, its director M Narendra said.
IIBM said it was optimistic about its prospects as bilateral trade between Malaysia and India was at an all time high of USD 12 billion in 2011.
"With the full implementation of the India-Malaysia Comprehensive Economic Cooperation Agreement, there is potential to increase the trade flows further," it said.
IIBM expected its entry into Malaysia would enable it to capture the Indian business interest with Malaysia and to promote bilateral trade and investments as IIBM could leverage on the links of its promoter banks' Indian and global network of branches.