IOB optimistic in completing merger with BOB: CMD

Chennai, Feb 12 (UNI) T S Narayanaswamy, Chairman and Managing Director of Indian Overseas Bank (IOB) today said he was optimistic in completing the merger proposal of the Bharat Overseas Bank (BOB) with the IOB before the end of this fiscal.

Talking to newspersons here on the sidelines of launching the IOB Insta Invest tie-up for online Securities trading facility to customers and Overseas cash pre-paid foreign currency travel card in association with Man FinancialSify Securities India Private Ltd and Visa International, he said the bank was retrieving the license to operate its banking services in Thailand in its 70th year of existence. With this, the bank would make its presence felt in the eastern sector of the World, he added.

Mr Narayanaswamy said, efforts were on to have full-fledged activities of the bank in Singapore.

To a question as to why their bank's business operations at Colombo was not increasing, he said there was no plan to close their operations in Sri Lanka.

The CMD also pointed out that the Reserve Bank of India (RBI) had issued licenses for opening ten more branches before the end of the current financial year. The bank would open two branches in Mumbai, one at Pune and the remaining would be opened in Tamil Nadu, Andhra Pradesh and Kerala, he added.

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