IOB plans global expansion

The Indian Overseas Bank (IOB) is planning major global expansion. Speaking at a customer meet in Dubai, M Narendra, CMD of the bank, said that as part of the expansion plans, IOB has now deputed officials to Doha, Oman, Kuwait and Saudi Arabia.

“We are examining plans to depute officials to Bahrain and Kenya too very soon. The bank is waiting for RBI’s nod to upgrade its office in Dubai to a branch. We also intend to launch instant remittances very soon from UAE which will help our NRI customers to ensure that their remittances are credited instantaneously into beneficiary’s account in India all through the day.

“The bank has been registering healthy growth over the years and its total global business crossed Rs 3,43,000 crore,” Narendra added..

The participants at the customer meet in Dubai included M K Lokesh, Ambassador of India to UAE and Dr B R Shetty, Managing Director of UAE Exchange Centre, Abu Dhabi. The meeting was organised to create a forum for the customers of the Bank, well wishers, investors and entrepreneurs to directly interact with the top management.