Indian Overseas Bank history, company profile (overview) and history video
Indian Overseas Bank (IOB) is a public sector bank headquartered in Chennai, India. It operates through the following business segments: personal banking, digital banking, overseas banking, agri/rural, MSME, corporate banking, and government business.
The Bank has an overseas presence in Singapore, Hongkong, Thailand, Srilanka, and South Korea.
HISTORY
Indian Overseas Bank (IOB) was founded in 1937 by M. Ct. M. Chidambaram Chettyar with the main objective of specializing in foreign exchange and overseas banking operations.
In the 1960s, IOB took over: Coimbatore Standard Bank Limited, Nanjinnad Bank Limited, Coimbatore Vasunthara Bank Limited, Kulitalai Bank Limited, Srinivasaperumal Bank, and Venkateswara Bank.
In 1969, IOB was one of the 14 major banks that were nationalized.
In 1973, IOB, Indian Bank and United Commercial Bank formed United Asian Bank Berhad.
In 1990, IOB took over the Bank of Thailand.
In 2000, the Bank came out with Initial Public Offer (IPO).
In 2007, IOB merged with Bharat Overseas Bank Ltd.
With more than 23,000 employees and over 3,000 domestic branches, Indian Overseas Bank (IOB) is considered one of India’s largest public sector banks. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.iob.in.
**Video published on YouTube by “mrsrao2009“