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IOB seeking to raise its profile in China
By Vaibhav Aggarwal
Jun 13, 2011
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Public sector lender Indian Overseas Bank is aiming to increase its presence in China, Singapore and Malaysia and this it plans to do using specifically cut out strategies, said CMD of the bank, Mr M. Narendra.

The bank has filed an application in order to be allowed to raise its representative office in China to the stature of an overseas branch, said Narendra. He said that this would allow "permission to do some limited operations in terms of the local Chinese currency also."

Also, IOB Executive Director Nupur Mitra said "we are eligible [for offshore-banking] as per China's rules."

According to Ms Mitra, the bank is aiming its branch to be located in Shanghai, seeing the international exposure the city has.

Narendra also said that the bank plans to expand in Singapore too. He said, "we are proposing to have one more remittance centre, subject to regulatory approval here."

Also, the bank's JV with Bank of Baroda and Andhra Bank, in the name of India International Bank is likely to be set up in Malaysia in between July and August.


 


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