Indian Overseas Bank (IOB) plans to scale up the overseas contributions in its business from the existing 10 per cent to 15 per cent this fiscal. The bank is also planning to open branches in Dubai and China. IOB currently has six overseas branches — one each in Seoul, Bangkok, Singapore, Colombo and two in Hong Kong. It also has representative offices in China and Vietnam. The bank is also planning to expand its operations to Africa, Australia and New Zealand. To fund lending operations overseas, the bank was planning another medium term note (MTN) issue of around $350 million. The bank had earlier made an MTN issue of $500 million. The bank is expecting to see a 30 per cent growth in business during the current fiscal and is looking to add 400 branches this year. crackcrack
