Indian Overseas Bank to convert its China office into a branch

Vadodara (PTI): The Indian Overseas Bank (IOB) today said it will convert its five-year-old representative office in China into a full scale branch.

“A period of five years is enough to convert it into a full scale branch of the bank,” the bank’s Chairman and Managing Director M Narendra told reporters.

The bank also plans to open five more branches in the Asian and African countries, taking the total of its overseas branches to 11, he said.

At present it has six overseas branches located in Singapore, Hong Kong, Seoul, Bangkok and Colombo and representative offices in Dubai, China and Vietnam, he said.

“We will also be starting a bank in Malaysia in a joint venture with the Andhra Bank and Bank of Baroda before March 2011,” Narendra said.

He said the branch work will be taken to 3,000 branches from the present 2017 for achieving the business level of Rs 5 lakh crore in the next three years.

Besides, the bank has also decided to recruit 1,000 clerical staff, 1,500 officer and 525 specialist officers for carrying out its branch expansion plan.

He also announced the opening of branches in the remaining 10 districts out of a total 26 districts in Gujarat and opening of five specialised MSME branches in the state.

“The bank is mainly targetting MSME sector to help the needy entrepreneurs and we hope to achieve MSME sector portfolio of Rs 1000 crore by March 2011 in Gujarat,” Narendra said.

The bank will be introducing e-payment of commercial taxes in the entire state, he said adding it is also introducing e-payment of custom duty collection at Dahej port and Mundra port under the centralised port community system.

“The bank has been given 1,273 villages by various State-Level Bankers’’ Committees (SLBC) for the implementation of financial inclusion plan, stating that the bank has to cover 766 villages by 2010-11 and 506 villages by 2011-12,” Narendra added.