IOB to add 400 local and international branches

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.

Also Read

Thailand’s Krungthai Bank temporarily closes two branches

Japan’s SMBC opens a branch in India’s GIFT City

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit