Chennai, October 30, 2011(Tehelkanews)
Public sector lender Indian Overseas Bank has identified 14 different geographies, including the U.S., to expand its presence in the overseas markets, according to a top bank official.
The Chennai-based bank at present has six branches in various countries.
"We have fairly deployed the USD 500 million we raised. Hopefully, the India International Bank in Malaysia which we partnered with Bank of Baroda and Andhra Bank will come into operation in another two months," IOB Chairman and Managing Director M. Narendra said.
He said the bank has identified 14 different locations at various geographies for increasing its presence.
"These are all our long-term views. We have separated the 14 locations into four Waves -- Wave I, Wave II, Wave III and Wave IV. These are based on the priorities," he told PTI.
IOB General Manager M.V. Narayana Moorthy said the bank would expand its presence in the Australia, New Zealand and a few African countries.
"We have appointed Deloitte and another company to do a survey for identifying the locations. After that we will send bank representatives to do another study. Then we will apply for Reserve Bank of India approval after which we will request the Government (of whichever country) for permission before opening a branch," he said.
He said IOB plans to open two branches in U.S., one each in Australia and New Zealand and two in Africa.
News From: http://www.7StarNews.com
Sunday, October 30, 2011
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