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Tuesday, Aug 17, 2004

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`IOB not averse to inorganic growth'

Our Bureau

Coimbatore , Aug. 16

"INDIAN Overseas Bank is not averse to inorganic growth. But we will not approve a merger for the sake of unification. It should add to our bottom line. We will be selective and ensure that our fundamentals do not turn weak," the bank's Chairman and Managing Director, Mr S.C. Gupta, has said.

Mr Gupta told presspersons here that Government's stake had already been diluted to 61 per cent from 100 per cent. "There is scope for further divestment. But we have no plans to hit the market at present. If there is a need, we will go".

Reverting to growth, he expressed confidence about achieving 16 per cent to 18 per cent growth during the current fiscal.

According to Mr Gupta, the bank, even during difficult times had concentrated on core-banking business and not focused much on treasury income.

On expanding overseas operations, he said that the representative office in China would become operational within the next six to eight months and similar offices were proposed at the UAE and Malaysia.

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