citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . august 2015 learn how and when to remove this template message indian overseas bank type public traded as bse 532388 nse iob industry banking capital markets founded 10 february 1937 ; 79 years ago 1937 02 10 in madras headquarters chennai tamil nadu india key people r. subramania kumar executive director products loans credit cards savings investment vehicles etc. revenue 6 992 crore us 1.0 billion 2012 net income 19.6 billion us 290 million total assets 4 117 billion us 61 billion 2012 owner government of india slogan good people to grow with website www.iob.in indian overseas bank iob tamil is a major public sector bank based in chennai madras with about 3700 domestic branches including 1150 branches in tamil nadu 3 extension counters and eight branches and offices overseas as of 30 september 2014 . indian overseas bank has an iso certified in house information technology department which has developed the software that its branches use to provide online banking to customers ; the bank has achieved 100 % networking status as well as 100 % cbs status for its branches . iob also has a network of about 3300 atms all over india . iob has branches in singapore hong kong colombo seoul and bangkok . it has representative offices in guangzhou vietnam and dubai . iob also is part owner of a joint venture bank in malaysia . the net profit for the quarter ended 30 june 2014 stood at inr 272 crores . the business touched inr 4 20 739 crores yoy growth 8.16 % for the quarter ended 30 september 2014 . deposits stood at inr 2 39 223 crores yoy growth 12.47 % casa stood at 23.76 % advances stood at inr 1 81 515 crores yoy growth 2.96 % operating profit for q2 14 15 is inr 729 crores . contents 1 history 1.1 pre world war ii 1.2 after world war ii 1.3 the new millennium 2 milestones 3 joint ventures tie ups 4 see also 5 citations and references history edit pre world war ii edit in 1937 thiru.m . ct. m. chidambaram chettyar established the indian overseas bank iob to encourage overseas banking and foreign exchange operations . iob started up simultaneously at three branches one each in karaikudi madras and rangoon yangon . it quickly opened a branch in penang kuala lumpur 1937 or 1938 and another in singapore 1937 or 1941 . the bank served the nattukottai chettiars who were a mercantile class that at the time had spread from chettinad in tamil nadu state to ceylon sri lanka burma myanmar malaya singapore java sumatra and saigon . as a result from the beginning iob specialised in foreign exchange and overseas banking see below . due to the war iob lost its branches in rangoon and penang and singapore though the branch in singapore resumed operations in 1942 under japanese supervision . after world war ii edit in 1945 or 1946 iob opened a branch in colombo . in 1947 iob opened a branch in bangkok . then iob added a branch each in ipoh klang and malacca all in malaya . some years later in 1955 iob opened its first branch in hong kong . others would follow . in 1963 the revolutionary government in burma nationalised indian overseas bank s branches in rangoon mandalay and moulmein which became people s bank no. 4 . 1 in the 1960s the banking sector in india was consolidating through the merger of weak private sector banks with stronger ones . iob acquired a number of local banks coimbatore standard bank acq . 1963 ; one branch at madras nanjinnad bank or nanjanad bank coimbatore vasunthara bank or coimbatore vasundara bank ; est. june 1924 ; head office and three branches ; acq . 1964 kulitalai bank est. 1933 ; acq . 1964 ; six branches srinivasa perumal bank est. november 1935 at coimbatore ; acq . 1966 and sri lord venkateswara bank est. june 1931 as salem shevapet sri venkateswara bank ; acq . 1967 ; two branches in salem tamil nadu . then in 1969 the government of india nationalised iob . at one point probably before nationalisation iob had twenty of its eighty branches located overseas . however malaysian law forbade foreign government ownership of banks in malaysia . after nationalisation indian overseas bank like all the nationalised banks turned inward emphasising the opening of branches in rural india . in 1973 iob indian bank and united commercial bank established united asian bank berhad in malaysia . indian bank had been operating in malaysia since 1941 and united commercial bank had been operating there since 1948 . the banks set up united asian to comply with the banking law in malaysia which prohibited foreign government banks from operating in the country . each contributed their operations in malaysia to the new joint venture bank with each of the three parent banks owning a third of the shares . at the time indian bank had three branches and indian overseas bank and united commercial bank had eight between them . also iob and six indian private banks established bharat overseas bank as a chennai based private bank to take over iob s bangkok branch . in 1977 iob opened a branch in seoul . it also opened a branch in tsim sha tsui kowloon hong kong . two years later iob opened a foreign currency banking unit in colombo sri lanka . in 1983 ethnic sectarian violence in the form of anti tamil riots resulted in the burning of iob s branch in colombo . indian bank which may have had stronger ties to the sinhalese population escaped unscathed . 2 in 1988 89 iob acquired bank of tamil nadu and its 99 branches in a rescue . bank of tamil nadu or bank of tamilnad had been established in 1903 in tirunelveli as the south india bank . in 1992 bank of commerce boc a malaysian bank acquired united asian bank uab . the new millennium edit in 2000 iob engaged in an initial public offering ipo 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 was founded in 1969 and had its head office in pune . shree suvarna sahakari bank had been in administration since 2006 . it had nine branches in pune two in mumbai and one in shirpur . the total employee strength was estimated to be little over 100 . iob opened an extension counter at new kathiresan temple complex bambalapitiya ceylon on 29 august 2003 . in 2005 iob opened a representative office in guangzhou china . the next year iob opened another representative office this time in kuala lumpur . in the new millennium international expansion picked up once again . in 2007 iob took over bharat overseas bank . three years later malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by bank of baroda indian overseas bank and andhra bank . the new bank india international bank malaysia commenced operations in 2012 in kuala lumpur which has a large population of indians . andhra bank holds a 25 % stake in the joint venture bank of baroda owns 40 % and iob the remaining 35 % . iob opened an offshore banking unit in colombo sri lanka on 31 august 2013 . the bank also upgraded its existing extension counter at bambalapitiya into a full fledged branch . milestones edit 1957 bank established its own training centre 1964 inauguration of iob s head office in mount road . 1974 official language department established in 1974 1984 1000 th branch opened 1991 bank moved its staff college premises to an own spacious learning zone at koyambedu 1996 banks profit reached inr 100 cr . for the first time i.e. usd16 .69 mn 1usd rs .59.9150 2000 initial public offer . follow on public offer in 2003 . the first public sector bank to introduce anywhere banking at its 129 branches in the four metros is extending the connectivity to another 100 branches in hyderabad bangalore ahmedabad and ludhiana the first public sector bank in the country to introduce mobile banking services using wireless application protocol wap . 2005 launched debit card 2006 launched visa card retail sale of gold and non life joint insurance bank reached inr 1 lac crore mark in total business 2006 07 net profit reached inr 1000 cr . usd 229.78 mn 1usd rs .43.5200 bharat overseas bank ltd. was merged with iob and first off site atm at kamatchi hospital chennai 2009 100 % cbs 2010 2000th branch yamuna vihar new delhi opened 2011 12 no . of branches in tamil nadu reached 1000 and iob celebrated platinum jubilee 2012 13 . as on 31.3.2013 total deposits reached inr 202 135 cr . usd 37 236mn . 1usd rs .54.2850 as on 31.3.2013 total advances reached inr 164 366cr . usd30 278 mn . as on 31.3.2013 total business mix is at inr 366 501cr . usd 67 514mn . total no . of branches 2908 2014 15 bank has surpassed the landmark of 3000 atms as on 31.07.2014 tirumalaipatti branch 2015 iob launched new mobile banking m passbook applications . 2015 iob started migration from its in house cbs platform to finacle . january 2016 all branches successfully migrated from in house cbs platform crown to finacle . joint ventures tie ups edit iob entered into non life insurance business with universal sompo general insurance usgi company limited with equity participation of 19 % along with allahabad bank karnataka bank and dabur investments . indian overseas bank iob has tie up with apollo munich health insurance to provide specialised health and personal accident products to its customers see also edit indian banking list of banks in india citations and references edit citations turnell 2009 p. 226 . kumar 2008 p. 169 . references iob presentation to analysts september 2014 see preview kumar ranjana 2008 a new beginning the turnaround story of indian bank . tata mcgraw hill education . turnell sean 2009 fiery dragons banks moneylenders and microfinnance in burma . nais press . isbn 9788776940409 v t e banking in india reserve bank reserve bank of india public sector banks allahabad bank andhra bank bank of baroda bank of india bank of maharashtra bharatiya mahila bank canara bank central bank of india corporation bank dena bank idbi bank indian bank indian overseas bank oriental bank of commerce post bank of india punjab & sind bank punjab national bank state bank of bikaner & jaipur state bank of hyderabad state bank of india state bank of mysore state bank of patiala state bank of travancore syndicate bank uco bank union bank of india united bank of india vijaya bank private sector banks axis bank bandhan bank catholic syrian bank city union bank dcb bank dhanlaxmi bank federal bank hdfc bank icici bank idfc bank indusind bank jammu & kashmir bank karnataka bank karur vysya bank kotak mahindra bank lakshmi vilas bank nainital bank rbl bank ratnakar bank south indian bank tamilnad mercantile bank limited yes bank cooperative banks buldhana urban cosmos bank repco bank saraswat bank shamrao vithal co op . bank tnsc bank rajkot nagrik sahakari bank foreign banks abn amro abu dhabi commercial bank antwerp diamond bank australia and new zealand banking group bank internasional indonesia bank of america bank of bahrain and kuwait bank of ceylon the bank of tokyo mitsubishi ufj barclays citibank india credit suisse deutsche bank hsbc the royal bank of scotland scotiabank standard chartered regional rural banks andhra pragathi