Embarking ahead

Aparna Ramalingam
Posted: Apr 09, 2008 at 0316 hrs IST
Updated: Apr 09, 2008 at 0340 hrs IST

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also afoot to start a derivatives desk.

IOB also plans to hive off its IT division into a wholly-owned subsidiary after testing its robustness through an outside agency. This subsidiary is intended to function as a business unit, contributing profits to the bank. It will also supply software to RRB (regional rural banks) and cooperative banks. The subsidiary will also explore opportunities for exporting banking software to foreign banks in Africa and other places.

“Increasing the share of CASA deposits through improved customer service will be a priority area. On the lending side, our concentration will be on corporate finance, financing SMEs, and agriculture. Self help groups (SHGs) will also continue to get our attention. Our overseas operations will receive greater attention and we propose to double the overseas portfolio and profit from the present level,” says Bhat. IOB is also looking to venture into wealth management....