The board of directors of the bank, at its meeting held on November 11, 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 regulatory filing.
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.
Andhra Bank earlier last week reported a net loss of Rs 434 crore in second quarter of this fiscal, which widened against Rs 385.11 crore loss in year ago same period.
In the first quarter ended June, 2018-19 the bank had posted a net loss of Rs 539.83 crore. In fiscal ended March 2018, the bank had registered a net loss of Rs 3,412.53 crore due to huge amount of bad loans.
Stock of the bank closed flat at Rs 28.75 on BSE.
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