IOB in talks for tie-up with another bank

Chennai-based Indian Overseas Bank is looking for a tie-up with another bank to expand its business and reach. Mr S.A. Bhat, Chairman and Managing Director, IOB, said, “Talks are at a very formative stage. We will tie up with a bank that will complement us in terms of business and geographies.” Mr Bhat said that the agreement would be on the lines of the alliance between three public sector banks - Oriental Bank of Commerce, Indian Bank and Corporation Bank, which was signed last year.