The expansion plans of the Indian Overseas Bank (IOB) will reach out to other countries.
The Chennai-based bank intends to open branches in China and Dubai to capitalize on India’s increasingly robust trade with both these nations and a rise in consumer spending. IOB plans to open a second branch in Thailand and upgrade to branches its representative offices in China, Vietnam and Dubai.
Locally, IOB said it would add 400 more branches it plans and hire some 3,500 persons to staff these branches, including those overseas. It will establish nine regional offices across India to strengthen its branch network.
IOB Chairman M. Narendra said the bank operates 2,629 branches. The planned expansion will increase its total branches by 15%.
"The 400 branches will be spread across the country, while at least 10 will be added in the north-east to the present tally of 30," Narendra said. "We are gradually planning to have 14 overseas centres.”
IOB currently has six foreign branches, two remittance centres and four representative offices.
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