IOB plans to rise to 3,000 branches by next FY

Indian Overseas Bank (IOB) is planning to increase its branches to 3,000 and touch an equal number in ATMs, across the country by the next financial year (FY), a top official said here.

IOB Chairman and Managing Director M Narendra said the bank want to expand from the existing 2019 branches to 3,000 and increase the number of ATMs from 900 to 3,000.

The bank also plans to employ 3,000 new employees in near future as a part of its expansion, he said.

The CMD said the bank did a business of Rs 2,25,000 crore till December 31, 2010 and targets Rs 2,50,000 crore business in the next FY.

IOB also intends to expand its operations abroad by re-starting its operations in countries like Malaysia and Burma, which were stopped in the past.

"We are returning to Malaysia by having a tie up with Andhra Bank and Bank of Baroda," he said, adding the bank also has an eye on western countries in its expansion plans.

IOB, which marks its presence in places like Seoul (Korea) and Bangkok wants to open branches in Gulf countries.

Besides, it also plans to expand in African and Asian countries.