Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Money & Banking
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Public Sector Banks IOB mulls opening branch in UAE Vimala Vasan
Abu Dhabi , Dec. 29 INDIAN Overseas Bank (IOB) is exploring the possibility of opening a branch in the UAE to serve NRI customers in the Gulf region following initial talks with authorities concerned here, Mr S.C. Gupta, Chairman of IOB, has said. Mr Gupta, who is in Abu Dhabi on a visit, told Business Line that following discussions on the possibility of opening a branch in the UAE with the UAE Central Bank Governor, Mr Sultan Nasser Al Suweidi, IOB would take up the issue seriously and make an application to the Reserve Bank of India to open an overseas branch in the Gulf. "Our talks with Mr Suweidi were very helpful and he was very responsive and said that clearances for branches are given on merit. IOB is contemplating this move seriously as we have a large number of NRI customers from this region," he said. Mr Gupta indicated that IOB has good international exposure now, having opened two branches in Hong Kong and one each in Korea, Singapore and Colombo. "There is a lot more exposure now and with 400 branches now having online facilities, it would be easier to serve customers in this region as well," he said. IOB currently has a tie-up with the UAE Exchange Centre here and with eight other exchange houses in the Gulf states. Computerisation had helped quicker service operations in tie-up with these exchange companies, he said. IOB's NRI deposits total around $450 to $500 million, out of a total deposit base of Rs 39,000 crore. Majority of the NRI customers are from South India, he said. In bid to provide value-added services, IOB has tied up with TTK Services Ltd in Kochi to provide its NRI customers with healthcare and property management services. Mr Gupta also referred to the excellent response from the NRIs to IOB's second public issue, with the total allocation of Rs 24 crore for NRIs being oversubscribed two and a half times to reach Rs 50 crore. IOB earned an operating profit of Rs 622.61 crore for the first half of the current fiscal ending September 30. The bank earned a net profit of Rs 293.40 crore during the above period. At a meeting on December 23, the board approved payment of an interim dividend at 12 per cent, he added. Mr A.L. Alagappan, General manager, IOB, is also in the UAE and both officials addressed NRIs in Abu Dhabi on the bank's operations and performance.
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