Money & Banking

IOB plans to open more branches by next fiscal

PTI Panaji | Updated on November 10, 2017 Published on January 22, 2011

M. Narendra , Chairman-cum-Managing Director, IOB.   -  The Hindu

Indian Overseas Bank (IOB) is planning to increase the number of branches to 3,000 and achieve an equal number in ATMs, across the country by the next financial year.

The Chairman and Managing Director, Mr M. Narendra, said the bank wants to expand the branches from the existing 2,019 to 3,000 and increase the number of ATMs from 900 to 3,000. It also has on its cards to employ 3,000 new employees in the near future as a part of its expansion.

The CMD said the bank has achieved Rs 2,25,000-crore business as on January 31 and the target is to achieve Rs 2,50,000 crore by next fiscal.

IOB also intends to expand its operations abroad by re-starting its operations in countries like Malaysia and Burma, which were stopped in the past.

“We are returning to Malaysia by having a tie-up with Andhra Bank and Bank of Baroda,” he said adding that the bank also has an eye on western countries in its expansion plans.

Mr Narendra said the bank will go westwards at a later stage as there are already many Indian banks which have set up shops in those countries.

IOB, which has the credit of being the only Indian bank in places like Seoul (Korea) and Bangkok, wants to open branches in the Gulf countries. Besides this, it is also eyeing to enter the African and Asian countries.

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Published on January 22, 2011
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