Indian Overseas Bank (IOB) is a one of the major
bank based in Chennai, with over 1,400 domestic branches and 6 branches
abroad.
India Overseas Bank was established in 1937 to encourage overseas
banking and foreign exchange operations. The Indian Overseas Bank
started simultaneously with three branches. They are:
- Indian Overseas Bank Chennai
- Indian Overseas Bank Rangoon
- Indian Overseas Bank Singapore
From the begining Indian Overseas Bank served Chettinad, Ceylon
(Sri Lanka), Burma (Myanmar), Malaya, Singapore, Java, Sumatra and
Saigon.
In 1960 Indian Overseas Bank absorved five weaker private sector banks
including Kulitali Bank.
In the year 2000 India Overseas Bank India engaged in IPO which brought
the government's share in the bank's equity down to 75%.
IOB International expansion
- 1937-38: As mentioned above, IOB was international from its
inception with branches Indian Overseas Bank Rangoon, Indian
Overseas Bank Penang, and Indian Overseas Bank Singapore.
- 1941: IOB opened a branch in Malaya that presumably closed almost
immediately because of the war.
- 1946: IOB opened a branch in Ceylon.
- 1947: IOB opened a branch in Bangkok and re-opened others.
- 1948: United Commercial Bank (see below) opened a branch in
Malaya.
- 1949: IOB opened a branch in Bangkok.
- 1963: The Burmese government nationalized IOB's branch in
Rangoon.
- 1973: IOB, Indian Bank and United Commercial Bank established
United Asian Bank Berhad. (Indian Bank had been operating in
Malaysia since 1941 and United Commercial Bank Limited had been
operating there since 1948.) The banks set up United Asian to comply
with the Banking Law in Malaysia, which prohibited foreign
government banks from operating in the country. Also, IOB and six
Indian private banks established Bharat Overseas Bank as a
Chennai-based private bank to take over IOB's Bangkok branch. The
Baharat Overseas Bank is the only private bank that the Reserve Bank
of India has permitted to have a branch outside India. The ownership
was: Indian Overseas Bank (30%), Bank of Rajasthan (16%), Vysya Bank
(14.66%), Federal Bank (19.67%), Karur Vysya Bank (10%), South
Indian Bank (10%) and Karnataka Bank (8.67%). Bharat Overseas serves
the Indian ethnic community in Thailand.
- 1977: IOB opened a branch in Seoul.
- 1991: Bank of Commerce (BCB), a Malaysian bank, acquired United
Asian Bank (UAB). In 1999 BCB merged with Bank Bumiputra Malaysia to
form Bumiputra-Commerce Bank Berhad.
Indian Overseas Bank Credit Card
Indian Overseas Bank has a credit card with the name CANCARD-VISA. This
card is valid for use in India and Nepal only. Indian Overseas Bank
Credit Card is acceptable in more than 1 lakh member establishments for
purchase of goods and services.
For any queries regarding Indian Overseas Bank Credit Card, one can
contact the undermentioned address.
The Deputy Chief Officer
Indian Overseas Bank Credit Card Division
Central Office
763, Anna Salai,
CHENNAI 600 002
Phone Nos. (044) 28519574/ 28519573 / 28519575
Indian Overseas Bank email:
crcard@iobnet.co.in
Indian Overseas Bank Equity Shareholders
Indian Overseas Bank has been constituted as a Corresponding New Bank
under the Banking Companies (Acquisition and Transfer of Undertakings)
Act 1970.
The Bank had offered for subscription 11,12,00,000 shares of Rs. 10
each for cash at par aggregating Rs. 111.20 crores (including
reservation of 1,11,20,000 equity shares of Rs. 10 each for cash at par
to regular/permanent employees and working Director, aggregating Rs.
11,12,00,000).
The issue which opened on September 25, 2000, closed before October 5,
2000. The equity shares of the Bank are listed in The Madras Stock
Exchange (Regional), The Stock Exchange, Mumbai and National Stock
Exchange of India Ltd., Mumbai.
For any queries regarding shares, the following address is to be
contacted.
Indian Overseas Bank
763, Anna Salai,
Chennai - 600 002
E-mail:
iobfunds@md4.vsnl.net.in
http://www.iob.in/
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