Indian Overseas Bank (IOB) country’s public sector lender has appointed consulting firm Deloitte to undertake a survey of the banking landscape in Africa, Australia and New Zealand. It will enter these markets only after Deloitte’s recommendation reports.
Deloitte will cover the regulatory framework, level of competition, prospects for branch opening or subsidiary route could be adopted in its survey. On the domestic front, IOB is well on course to achieve its target of opening 400 branches including 40 special branches this fiscal. IOB had opened 188 branches in 2010-11.
Recently, Indian Overseas Bank has inked MoU with Small Industries and Development Bank of India (SIDBI). As per the deal SIDBI will provide a line of credit of Rs 100 crore to the bank for a period of seven years.
