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Indian Overseas Bank targets Rs. 2.50 lakh crores business by March 2011

February 7, 2011‐ Murshidabad, West Bengal, India

Indian Overseas Bank is targeting Rs. 2.50 lakh crores business by March 2011. The Bank's Chairman and Managing Director N Narendra , speaking at Murshidabad district, said that Bank is doing Rs. 12,000 crores worth business in West Bengal. He said that the bank had 220 branches in the country and is planning to open 6 branches and 432 ATMs in the state.

A business media reported that IOB will be using the licence granted to it by the Reserve Bank of India to enter into Non-banking financial services (NBFC) business. The bank wants to offer wealth management and capital market services such as online broking, asset management etc. The bank is seeking help from the Government in infusing capital so that the equity of the Government is maintained at 61%.

In a related story, Bank of Baroda (BoB), Indian Overseas Bank (IOB) and Andhra Bank have formed a joint venture so as to start banking operations in Malaysia. BoB has 40% share, IOB has 35% and Andhra Bank, the remaining 25%. India International Bank of Malaysia Ltd would likely be the name of the venture.

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