Indian Overseas Bank (IOB) plans to float a subsidiary, which will take care of its information technology business. The bank is looking for a joint venture partner for setting up the subsidiary, which could market the bank’s in-house core banking solution (CBS), in India and abroad.

According to the bank’s sources, the intent to setup an information technology (IT) subsidiary company is to cater to its IT requirement, in specific, and to expand client base for its in-house grown CBS.

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The bank might also consider transferring ownership of hardware, network equipments and other IT-related outsourcing contracts, which were open at the time of forming the subsidiary with various companies for various activities.

The new company would also provide complete technical support, including functional support to its clients, its overseas branches and regional rural banks. It would also cater to the bank for smooth running of the CBS, manage the bank’s entire IT infrastructure, network, alternate channels and other IT-related activities. It would also cater to all the IT related-requirement of the bank, including offering technical support to the bank.

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