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Friday, April 5, 2013

IOB gets nod to open second branch in Bangkok, 2 branches in Sri Lanka

Indian Overseas Bank has received RBI’s approval for opening a second branch in Bangkok, M. Narendra, Chairman and Managing Director of the bank, said.

The RBI has also given its nod for IOB to open two more branches in Sri Lanka, Narendra told Business Line here.

Narendra was in the Capital to receive awards on behalf of the bank for excellence in lending to micro, small and medium enterprises as also to khadi and village industries.

Currently, IOB is the only Indian bank to have a branch in Bangkok.

In Sri Lanka, IOB has a full-fledged branch in Colombo, besides an extension counter. Now, the RBI has given the bank the approval to set up a specialised branch in Colombo and also convert the existing extension counter into a branch.

In all, IOB will now have three branches in Colombo, Narendra said.

“We expect to open the second branch in Bangkok in the current fiscal itself. Even the two branches in Colombo will open this year,” Narendra said,

IOB had roped in Deloitte to devise a strategy for the bank’s overseas expansion.

Narendra said IOB was also keen to establish its presence at the Dubai International Financial Centre. The bank is also awaiting regulatory nod for upgrading its representative office in Vietnam into a branch.

Currently, IOB has six overseas branches — one each at Singapore, Sri Lanka, Seoul and Bangkok and two in Hong Kong.

This public sector lender also has a joint venture — India International Bank — in Malaysia.

Source: thehindubusinessline


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