IOB to open 400 branches next fiscal

Indian Overseas Bank (IOB) is planning to open 400 branches during 2012-13.

Mr M. Narendra, Chairman and Managing Director of IOB, told Business Line that the bank wants to increase the total number of branches from the present 2,616 to 3,000 by the end of the next fiscal.

The bank has opened nearly 540 branches in the last 18 months. This includes 432 branches opened during the current financial year. Another 14 branches will be opened by this month-end.

Mr Narendra said the bank had 144 branches in Karnataka at the end of February 2012. Stating that the bank is focussing on next generation customers in some of the locations, he said the bank has opened three such branches now. While the first such branch was opened in Chennai, the second one was inaugurated in Bangalore.

The third such branch was opened at Manipal in Udupi district on Monday.

vinayakaj@thehindu.co.in