Indian Overseas Bank plans African expansion
By Vaibhav Aggarwal
Feb 14, 2011
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Public sector lender, Indian Overseas Bank is eyeing entry into African mainland now. Further, the lender aims to convert its representative offices in Dubai and China into proper bank branches.

"We are looking for some openings in Africa ... we have just initiated the process," Indian Overseas Bank Chairman and Managing Director M Narendra said.

Regarding conversion of its Dubai and China representative offices, he said that the bank is looking for regulatory approvals from both nations.

The bank currently has six fully operational offshore branches. Out of them, two are located in Hong Kong and one each in South Korea, Thialand, Sri Lanka and Singapore -- along with two remittance centre in Singapore at Boon Lay and Serangoon.

The bank has reported a two times growth in its net profits for the Q3 of this fiscal at Rs 231.66 crore.


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