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Maybank sets up IT services unit in India

Malayan Banking Bhd. set up a new unit, MBB Labs Private Ltd., in India to provide IT development services to the group.

The issued and paid-up share capital of MBB Labs Private is 15 million Indian rupees comprising of 1.5 million shares of 10 Indian rupees each, the group said Oct. 5. Dourado Tora Holdings Sdn Bhd. and Maybank Shared Services Sdn Bhd., wholly owned subsidiaries of the group, hold 1,499,999 shares and 1 share, respectively, in the new unit.

The unit's incorporation is not expected to have any material impact on the group's earnings, net assets and gearing for the year ending Dec. 31.

As of Oct. 5, US$1 was equivalent to 65.14 Indian rupees.