Indian Bank

History

• 1907: Established on 15th August 1907 as part of the Swadeshi movement. Head office is in Chennai (Madras). Though not a Chettiar bank, some of the founders were Chettiars.
• 1932: Indian Bank opened a branch in Colombo.
• 1935: IB opened a branch in Jaffna.
• 1939: IB closed the Jaffna branch.
• 1940: IB opened a branch in Rangoon (Yangon).
• 1941: IB closed the Rangoon branch but opened branches in Singapore, and in Kuala Lumpur, Ipoh, and Penang. The rapid advance of the Japanese Army forced IB to close all its branches in Malaya and Singapore.
• 1942: IB closed the Colombo branch.
• 194?: IB reopened its Malayan and Singapore branches.
• 1948: IB reopened its branch in Colombo.
• 1960s: IB acquired Mannargudi Bank (est. 1932) and Salem Bank (est. 1925).
• 1969: The Government of India nationalized 14 top banks, including Indian Bank.
• 1973: Indian Overseas Bank, Indian Bank and United Commercial Bank established United Asian Bank Berhad in which IOB held 16.67% of the paid up capital, as a result of a new banking law in Malaysia that prohibited foreign government banks from operating in the country.
• 1978: IB became a technical adviser to P T Bank Rama in Indonesia, the result of the merger of P T Bank Masyarakat and P T Bank Ramayana.
• 1980: Bank of Baroda, Union Bank of India and Indian Bank established IUB International Finance, a licensed deposit taker in Hong Kong. Each of the three banks took an equal share in the joint venture.
• 1987: IB acquired Bank of Tanjore in a rescue.
• 1998: Bank of Baroda bought out its partners in IUB Intl. Fin. in Hong Kong. Apparently this was a response to regulatory changes following Hong Kong’s reversion. IUB became Bank of Baroda (Hong Kong), a restricted license bank.

References

• Seshadri, R.K. 1982. A swadeshi bank from south India. Madras: Indian Bank.

External links

• Indian Bank company website

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