10Indian Overseas Bank:
Indian Overseas Bank was established in 1937 at Chennai with the sole objective of encouraging foreign exchange operations and overseas banking. It was established by Thiru M. Ct. M. Chidambaram Chettyar simultaneously at Madras, Karaikudi and Rangoon. It went on to establish another branch in Penang, Kuala Lumpur in 1938 and followed it up with one in Singapore in 1941. The major customers of the bank were the Nattukottai Chettiars who were a merchant class and had migrated to Sri Lanka, Myanmar, Malaysia, Singapore, Java, Sumatra and Saigon from Tamil Nadu.
Post the World War II, Indian Overseas Bank came up with a branch in Colombo, Sri Lanka in 1946 and followed it up with another branch in Bangkok. During the 1960s, Indian Overseas Bank acquired quite a few weaker banks like Coimbatore Standard Bank in 1963, Nanjinnad Bank and Coimbatore Vasunthara Bank in 1964, Srinivasa Perumal Bank in 1966 etc.In 1969, Indian Overseas Bank was nationalised. At that time, 20 of its 80 branches were located outside India. Post nationalisation, Indian Overseas Bank started growing its operations in India. In 1988–89, Indian Overseas Bank acquired Bank of Tamil Nadu, and its 99 branches, in a rescue. In 2000, Indian Overseas Bank engaged in an initial public offering that brought the government’s share in the bank’s equity down to 75%. In 2001 IOB acquired the Mumbai-based Adarsha Janata Sahakari Bank, which gave it a branch in Mumbai. Then in 2009 IOB took over Shree Suvarna Sahakari Bank, which had been in administration since 2006. It had nine branches in Pune, two in Mumbai and one in Shirpur. As of today, Indian Overseas Bank has more than 3400 domestic branches along with 8 overseas branches. It has a network of more than 3300 ATMs across India and has branches in Singapore, Colombo, Seoul, and Bangkok. It has representative offices in Guangzhou, Vietnam, and Dubai.