Indian Overseas Bank IOB is a major public sector bank based in Chennai Madras , with about domestic branches, including branches in Tamil Nadu , 3 extension counters, and eight branches and offices overseas as of 31 October Indian Overseas Bank has an ISO certified in-house Information Technology department, which had developed the software that its branches used to provide online banking to customers earlier.
It has representative offices in Guangzhou, Vietnam, and Dubai. IOB also is part-owner of a joint-venture bank in Malaysia. It quickly opened a branch in Penang , Kuala Lumpur or , and another in Singapore or As a result, from the beginning IOB specialised in foreign exchange and overseas banking see below.
Due to the war, IOB lost its branches in Rangoon and Penang, and Singapore, though the branch in Singapore resumed operations in under Japanese supervision. In or IOB opened a branch in Colombo. In , IOB opened a branch in Bangkok. In the s, the banking sector in India was consolidating through the merger of weak private sector banks with stronger ones.
IOB acquired a number of local banks: Coimbatore Standard Bank acq. June ; Head office and three branches; acq. November at Coimbatore; acq.
At one point, probably before nationalisation, IOB had twenty of its eighty branches located overseas. However, Malaysian law forbade foreign government ownership of banks in Malaysia. After nationalisation Indian Overseas Bank, like all the nationalised banks, turned inward, emphasising the opening of branches in rural India.
Indian Bank had been operating in Malaysia since and United Commercial Bank had been operating there since The banks set up United Asian to comply with the Banking Law in Malaysia, which prohibited foreign government banks from operating in the country. Each contributed their operations in Malaysia to the new joint-venture bank, with each of the three parent banks owning a third of the shares.
In IOB opened a branch in Seoul. In ethnic sectarian violence in the form of anti-Tamil riots resulted in the burning of IOB's branch in Colombo. Indian Bank , which may have had stronger ties to the Sinhalese population, escaped unscathed.
Shree Suvarna Sahakari Bank had been in administration since It had nine branches in Pune, two in Mumbai and one in Shirpur. The total employee strength was estimated to be little over In the new millennium, international expansion picked up once again.
Three years later, Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda , Indian Overseas Bank and Andhra Bank. The new bank, India International Bank Malaysia , commenced operations in in Kuala Lumpur, which has a large population of Indians. The bank also upgraded its existing Extension Counter at Bambalapitiya into a full-fledged branch. From Wikipedia, the free encyclopedia. This article needs additional citations for verification.
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