|After the Canara Bank now its Indian Overseas bank planning to open an overseas branch. Chairman and managing Director Mr. M Narendra reported that in the beginning of the next month bank will be establishing its new branch in Bangkok. This will be the second branch of the bank in Bangkok.
Further he stated that bank is also having a plan to propel a qualified institutional placement (QIP) issue to mop up between Rs 1,000 and Rs 1,200 crore. After six months since the RBI permitted the bank to establish the branch, the bank is finally now setting up its second branch in Bangkok. This branch will help the bank to enhance its overseas business. The bank set up a fully furnished branch by the month of July. IOB is the only Indian to have the banking branches in Bangkok.