IOB to open rep office in Guangzhou

Indian Overseas Bank (IOB) is to open a representative office in Guangzhou, China, in the second week of August 2005. The office would "give enough leverage to step up overseas business," said T S Narayanasami, chairman and managing director, IOB.

IOB has had a presence in the region for a long time. It has two branches in Hong Kong, which is about 150 kilometres away from Guangzhou. One branch in Hong Kong was established in 1955.

The Guangzhou office will function as a liaison office and an information desk. It will also carry out market research for trade and commodities for the benefit of Indian businessmen.

Narayanasami said that IOB plans to open another representative office in the Far East soon. To the west of India, IOB has rupee drawing arrangement with nine private exchange houses in the Middle East. Two more arrangements are likely to finalised shortly.