The Indian Overseas Bank owes its existence to the vision, sagacity, and the pioneering leadership of Shri M.Ct.M.Chidambaram Chettyar, its Founder Chairman, who established the Bank on November 20, 1936, when he was just 28 years of age. He was not only a pioneer in banking but also in insurance and industry as well - all in a span of 25 years! IOB was the first Indian bank to focus on foreign exchange and overseas transactions.

Soon foreign branches were opened in Rangoon (1937), Kuala Lumpur (1938), Singapore, Colombo and in other places. From the very beginning, IOB exhibited an approach quite different to the other Indian banks in areas relating to business, customers and staffing. Even in those days IOB established professionalism in its operations: there was the Manual of Instructions which instructed employees of the do's and don'ts in banking, basis for issuing letters of credit, etc. with the result that today IOB is one of the better run banks because of the clear cut systems of operations established over 65 years ago.

For IOB, helping overseas Indians was a priority, and, at home, it looked at India's growing industrial sector. In IOB, recruitment was done on the basis of competence and objectivity. Shri Chidambaram Chettyar's selection of the right people for the top ensured IOB of quality personnel-whole led to the Bank's success. The strong foundation he laid propelled the Bank to move quickly up the ladder and by 1969 IOB was amongst the top 10 Indian banks.

I am glad to note that the Indian Overseas Bank will be celebrating its Platinum Jubilee in February 2011. 

I wish the Bank, its Chairman, top executives and staff all success and prosperity in the years that lie ahead.

M. CT. Pethachi