Credit rating agency, CARE has reaffirmed ‘AA+’ rating to Indian Overseas Bank’s Lower Tier II Bonds worth Rs 1,050 crore.
The bank has received the said rating on the back of its adequate capitalization level, long standing track record of operations and strong presence in South India
Indian Overseas Bank (IOB) was established in 1937 in Chennai and is one of the larger public sector banks with a sizeable footprint in South India. As on March 31, 2012, the bank had a network of 2,629 domestic branches with 6 overseas branches and 4 representative offices.