Indian Overseas Bank

Indian Overseas Bank (IOB) is a major public sector bank based in Chennai (Madras), with about 3400 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and eight branches and offices overseas as of 31 October 2017. Indian Overseas Bank has an ISO certified in-house Information Technology department, which had developed the software that its branches used to provide online banking to customers earlier.The bank has achieved 100% networking status as well as 100% CBS status for its branches. IOB has a network of about 3300 ATMs all over India. Indian Overseas Bank has branches in Singapore, Colombo, Seoul, and Bangkok. It has representative offices in Guangzhou, Vietnam, and Dubai. IOB also is part-owner of a joint-venture bank innIn 2000, IOB engaged in an initial public offering (IPO) that brought the government's share in the bank's equity down to 75%. In 2001 IOB acquired the Mumbai-based Adarsha Janata Sahakari Bank, which gave it a branch in Mumbai. Then in 2009 IOB took over Shree Suvarna Sahakari Bank, which was founded in 1969 and had its head office in Pune. Shree Suvarna Sahakari Bank had been in administration since 2006. It had nine branches in Pune, two in Mumbai and one in Shirpur. The total employee strength was estimated to be little over 100.nIOB opened an extension counter at New Kathiresan Temple complex, Bambalapitiya, Ceylon, on 29 August 2003.nIn 2005 IOB opened a representative office in Guangzhou, China. The next year IOB opened another representative office, this time in Kuala Lumpur. In 2009 IOB opened a Representative office in Dubai, United Arab Emirates.nIn the new millennium, international expansion picked up once again. In 2007, IOB took over Bharat Overseas Bank. Three years later, Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda, Indian Overseas Bank and Andhra Bank. The new bank, India International Bank (Malaysia), commenced operations in 2012 in Kuala Lumpur, which has a large population of Indians. Andhra Bank holds a 25% stake in the joint-venture, Bank of Baroda owns 40%, and IOB the remaining 35%.nIOB opened an Offshore Banking Unit in Colombo, Sri Lanka, on 31 August 2013. The bank also upgraded its existing Extension Counter at Bambalapitiya into a full-fledged branch.