What Is the Full Form of IOB?
The full form of IOB is Indian Overseas Bank. IOB was established in 1937 as a public sector bank to specialise in international exchange and international banking. It has its head office in Chennai, India. It serves in finance, banking services, retail banking and related segments of banking activities.
By implementing a personal loan system, IOB was the very first bank to expand into consumer lending. IOB was among the fourteen main financial institutions owned by the government of India during the nationalisation phase.
Tie-Ups of IOB
- IOB, along with Karnataka Bank, Allahabad Bank and Dabur Investments, joined into a non-life insurance business with USGI (Universal Sompo General Insurance) Company Limited with a 19% equity stake.
- IOB has an agreement with Apollo Munich Health Insurance to provide its clients with advanced medical & personal injury services.