IOB ties up with Man Financial

Chennai-based Indian Overseas Bank (IOB) has entered into a tie-up with Man Financial-Sify Securities India Ltd (MF-SSI), a brokerage division of Man Group, to provide online trading platform for shares and commodities.

IOB has also announced the launch of a foreign currency prepaid travel card called 'Overseas Card'.

Under the tie-up, IOB will provide the payment gateway, while MF-SSI will provide the online trading facility. MF-SSI will make equity trading facilities available to customers, in addition to IOB's facilities for delivery of shares and provision of bank accounts.

The foreign currency prepaid travel card will be initially issued in US dollars and the bank will make provisions to include other currencies soon.

"We have received licences to open 10 new branches this fiscal, and are planning to open them this month. We will also set up 50 offsite ATMs by March 31 this year. The merger of IOB with Bharat Overseas Bank (BhoB) is likely to be finalised by the end of this fiscal. We are also expecting to get clearence from the Central Bank of Thailand for launching our operations in that country, which will enable us to strengthen our eastern operations," said T S Narayanaswami, chairman and managing director, IOB.