IOB planning to raise $350 mn through MTNs
May 10th, 2011 - 6:58 pm ICT by IANSKolkata, May 10 (IANS) Public sector Indian Overseas Bank (IOB) is planning to raise $350 million through medium term notes (MTNs) in the next three to six months, a top official of the bank said Tuesday.
“We have seen that there is a good appetite in the international market. That made us confident of tapping the source once again,” IOB CMD M. Narendra said at an interactive session organised by the Indian Chamber of Commerce here.
The bank raised $500 million last month by way of senior unsecured bonds under its MTN programme of $1 billion through its Hong Kong branch.
IOB was the first bank to come up with fund raising programme through MTN.
“Although our initial issue size was $1 billion, we preferred to raise $500 million initially. We can go to the market again in next three to six months,” he said.
Narendra said the bank has already applied to the Reserve Bank of India (RBI) for necessary licenses to open branches in Dubai and China.
“We are looking at rendering banking services in Africa and a few other Asian countries. The target is to push our business from international operations to 15 percent of total business from 10 percent currently,” he said, adding that the bank was planning to enter Malayasia soon through a joint venture with Bank of Baroda and Andhra Bank.
- Indian Overseas Bank picks consultant for software arm - May 25, 2011
- Africa to be 'next centre of growth' for Bank of Baroda - Feb 11, 2012
- Rs.1.4 million looted from a bank in Chennai - Feb 20, 2012
- Indian Overseas Bank to float software subsidiary - Nov 11, 2010
- IOB plans recovery of Rs.1,500 crore from sticky accounts (Lead) - Jan 28, 2012
- Indian bank clocks 120 percent growth in Trinidad and Tobago - Feb 24, 2011
- RBI's rate-hike cycle may continue: Exim Bank - Sep 16, 2011
- IDBI Bank may go for FPO, rights issue, QIP in 12-15 months - Sep 04, 2010
- Allahabad Bank eyes business growth of 24 percent (Lead) - Jun 10, 2011
- IOB mulls new core banking solution on Oracle platform - May 05, 2012
- RBI to act against banks not beefing up cyber security - Jan 27, 2012
- Bank of Baroda to open more branches in Trinidad - Jun 14, 2010
- Allahabad Bank eyes business growth of 24 percent - Jun 10, 2011
- IndiaFirst Life to expand distribution reach - Sep 02, 2010
- Economy revives but inflation, reforms sore points (2010 in Retrospect) - Dec 29, 2010
Tags: andhra bank, asian countries, bank of baroda, bank of india, banking services, good appetite, indian chamber of commerce, indian overseas bank, initial issue, interactive session, international operations, kolkata, medium term notes, narendra, necessary licenses, rbi, reserve bank of india, tapping the source, target, unsecured bonds