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Nse: iob – Indian Overseas Bank offers commercial banking services. It operates complete the following segments: Treasury, Corporate or Wholesale Banking, Retail Banking, and Other Banking. The company was founded on February 10, 1937, by Muttaiya Chidambaram Chettiar and is based in Chennai, India.
What is (IOB)
is it an Indian public bank based in Chennai, It has approx. Three thousand two hundred fourteen branches in Germany, approx. Four units abroad and a representative office. Founded in February 1937 by Mr. Ct. After nationalization, IOB was one of 14 central banks taken over by the Indian government. On December 5, 2021, IOB received the Department of Electronics and Information Technology Degidhan Award 2020-2021 for achieving the second-highest share of digital payment transactions among public sector banks. As of March 31, 2022, IOB’s business was ₹417,960 crore (US$52 billion).
Before World War
In 1937 Ct. M. Chidambaram Chettyar, the Indian Overseas Bank, to promote overseas banking and foreign exchange business. IOB started simultaneously in three branches, one in Karaikudi and one in Madras and Rangoon Yangon. It fast opened a branch in Penang, Kuala Lumpur 1937 or 1938, and another in Singapore (1937 or 1941). The bank served the Nattukottai Chettiars, a merchant class that spread from Chettinad in Tamil Nadu to Ceylon (Sri Lanka), Burma (Myanmar), Malaysia, Singapore, Java, Sumatra, and Saigon. The IOB therefore specialized in foreign exchange and banking transactions from the start (see below). Due to the war, IOB lost its divisions in Rangoon, Penang, and Singapore, although the Singapore branch resumed operations in 1942 under Japanese supervision.
After World War
In 1945 or 1946, IOB opened an office in Colombo. In 1947, IOB opened a division in Bangkok. Then IOB added offices in Ipoh, Klang, and Malacca, all in Malaysia. A few years later, in 1955, IOB opened its first branch in Hong Kong. Others would follow.
In 1963, the revolutionary government of Burma nationalized the Indian Overseas Bank’s Rangoon, Mandalay, and Moulmein branches, which became People’s Bank No. 4.
In the 1960s, the Indian banking sector consolidated as weak private banks merged with stronger banks. As a result, IOB developed some local banks: Coimbatore Standard Bank acquired in 1963; one branch in Madras, Nanjinnad Bank or Nanjanad Bank, Coimbatore Vasunthara Bank or Coimbatore Vasundara Bank; established June 1924; headquarters and three branches; acquired 1964), Kulitalai Bank (established 1933; accepted 1964; six branches), Srinivasa Perumal Bank (verified November 1935 in Coimbatore; acquired 1966) and (Sri/Lord) Venkateswara Bank (established June 1931 as Salem Shevapet Sri Venkateswara Bank; acquired). And also 1967; two branches in Salem, Tamil Nadu).
Then, in 1969, the Indian government nationalized BIO. At one time, probably before nationalization, the IOB had twenty of its eighty branches abroad. However, Malaysian law prohibits a foreign government from owning banks in Malaysia. Therefore, after nationalization, Indian Overseas Bank, like all nationalized banks, turned inward and emphasized opening twigs in rural India.
In 1973, IOB, Indian Bank, and United Viable Bank well-known United Asian Bank Berhad in Malaysia. (Indian Bank has operated in Malaysia since 1941, and United Commercial Bank has worked there since 1948.) The banks formed United Asia to comply with Malaysia’s banking law, which prohibited foreign government banks from operating there. Each brought their Malaysian operations into the new joint venture bank, with each parent bank owning a one-third stake. At that time, Indian Bank had three branches, Indian Overseas Bank and United Commercial Bank, eight altogether. In addition, IOB and six Indian private banks formed Bharat Overseas Bank as a Chennai-based remote bank to take over IOB’s Bangkok branch.
In 1977, IOB opened a branch in Seoul. It also unlocked a branch in Tsim Sha Tsui, Kowloon, Hong Kong. IOB opened a foreign exchange banking unit in Colombo, Sri Lanka, two years later.
In 1983, ethnic-sectarian violence in the form of anti-Tamil riots led to the fire of the IOB Colombo branch. Indian Bank was unharmed and may have had closer ties to the Sinhala population.
In 1988-89, the IOB acquired the Bank of Tamil Nadu and its 99 branches in a bailout. The Bank of Tamil Nadu (or Bank of Tamilnad) was incorporated in Tirunelveli in 1903 under South India Bank.
How to buy IOB shares on nse?
To buy IOB shares in Motilal Oswal, you must create a demat account and verify your KYC documents online.
What is the IOB share price today?
The IOB shares price on nse is Rs.23.35 today.
What is the market cap of IOB shares on nse?
The company has a market capitalization of Rs.44137.13
What is the PE & PB ratio of IOB shares?
PE is 22.07, and PB is –
What are the 52 Week’s High and Low of IOB shares?
IOB stock price high: Rs.36.70
IOB stock price low: Rs.15.25
IOB Share Price Live NSE/BSE updates on The Economic Times. Check out why IOB share price is down today. Get detailed IOB share price news and analysis Discover historical prices for IOB.NS stock on Yahoo Finance. View daily, weekly or monthly format back to when Indian Overseas Bank stock was issued.