India Overseas Bank was established in 1937 to encourage overseas banking and foreign exchange operations. The Indian Overseas Bank started simultaneously with three branches. They are:
- Indian Overseas Bank Chennai
- Indian Overseas Bank Rangoon
- Indian Overseas Bank Singapore
In 1960 Indian Overseas Bank absorved five weaker private sector banks including Kulitali Bank.
In the year 2000 India Overseas Bank India engaged in IPO which brought the government's share in the bank's equity down to 75%.
IOB International expansion
- 1937-38: As mentioned above, IOB was international from its inception with branches Indian Overseas Bank Rangoon, Indian Overseas Bank Penang, and Indian Overseas Bank Singapore.
- 1941: IOB opened a branch in Malaya that presumably closed almost immediately because of the war.
- 1946: IOB opened a branch in Ceylon.
- 1947: IOB opened a branch in Bangkok and re-opened others.
- 1948: United Commercial Bank (see below) opened a branch in Malaya.
- 1949: IOB opened a branch in Bangkok.
- 1963: The Burmese government nationalized IOB's branch in Rangoon.
- 1973: IOB, Indian Bank and United Commercial Bank established United Asian Bank Berhad. (Indian Bank had been operating in Malaysia since 1941 and United Commercial Bank Limited had been operating there since 1948.) The banks set up United Asian to comply with the Banking Law in Malaysia, which prohibited foreign government banks from operating in the country. Also, IOB and six Indian private banks established Bharat Overseas Bank as a Chennai-based private bank to take over IOB's Bangkok branch. The Baharat Overseas Bank is the only private bank that the Reserve Bank of India has permitted to have a branch outside India. The ownership was: Indian Overseas Bank (30%), Bank of Rajasthan (16%), Vysya Bank (14.66%), Federal Bank (19.67%), Karur Vysya Bank (10%), South Indian Bank (10%) and Karnataka Bank (8.67%). Bharat Overseas serves the Indian ethnic community in Thailand.
- 1977: IOB opened a branch in Seoul.
- 1991: Bank of Commerce (BCB), a Malaysian bank, acquired United Asian Bank (UAB). In 1999 BCB merged with Bank Bumiputra Malaysia to form Bumiputra-Commerce Bank Berhad.
Indian Overseas Bank has a credit card with the name CANCARD-VISA. This card is valid for use in India and Nepal only. Indian Overseas Bank Credit Card is acceptable in more than 1 lakh member establishments for purchase of goods and services.
For any queries regarding Indian Overseas Bank Credit Card, one can contact the undermentioned address.
The Deputy Chief Officer
Indian Overseas Bank Credit Card Division
Central Office
763, Anna Salai,
CHENNAI 600 002
Phone Nos. (044) 28519574/ 28519573 / 28519575
Indian Overseas Bank email: crcard@iobnet.co.in
Indian Overseas Bank Equity Shareholders
Indian Overseas Bank has been constituted as a Corresponding New Bank under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970.
The Bank had offered for subscription 11,12,00,000 shares of Rs. 10 each for cash at par aggregating Rs. 111.20 crores (including reservation of 1,11,20,000 equity shares of Rs. 10 each for cash at par to regular/permanent employees and working Director, aggregating Rs. 11,12,00,000).
The issue which opened on September 25, 2000, closed before October 5, 2000. The equity shares of the Bank are listed in The Madras Stock Exchange (Regional), The Stock Exchange, Mumbai and National Stock Exchange of India Ltd., Mumbai.
For any queries regarding shares, the following address is to be contacted.
Deputy General Manager
Investors Relation Cell,
Accounts Department,
Central Office,
763, Anna Salai,
Chennai - 600 002
Tel no: 0091-44-851 9438
0091-44-851 5702
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