Mumbai, March 25, 2021 (GPN): Bank was utilizing the services of Moody’s for international rating.  Moody’s rating was necessary for the Bank at the time of issuance of MTN bonds amounting to USD 1.00 Billion which was raised in Singapore and Hong Kong in two tranches of USD 500 Mio each one in 2011 and another in 2012.  

At the time of floating MTNs during 2011/2012, Bank entered into Rating agreement with Moody’s Investors Services and had opted for the following ratings: 

1.            Bank Deposit and Financial Strength Rating (BFSR) and

2.            Medium Term Notes (MTN) Program Rating 

Bank had redeemed the MTN in two tranches of USD 500 Mio each on 19.10.2016 and 21.02.2018. 

The Bank is mobilising deposits in both domestic as well as overseas branches from public. Our overseas branches continue to actively borrow in the inter-bank market for onward lending.  

Since the Bank has no immediate plan to mobilise funds through MTN programme, Bank requested Moody’s Investor Services during Feb’ 21 to withdraw the ratings. 

Based on Bank’s request, Moody’s Investor Service published its rating action for withdrawal of ratings of Indian Overseas Bank   

About Indian Overseas Bank

Founded on February 10, 1937 by M. Ct. M. Chidambaram Chettyar with the twin objectives of specializing in foreign exchange business and overseas banking, Indian Overseas Bank (IOB) has ever since created various milestones in Indian Banking Sector.

IOB is today a leading public sector bank headquartered in Chennai (India). The bank has the distinction of simultaneously commencing operations in three branches at Karaikudi, Chennai and Yangon (Myanmar). Since the bank aimed to encourage overseas banking and foreign exchange operations, it soon opened its branches in Penang and Singapore. Today, Indian Overseas Bank covers a vast domain in the banking sector with over 3219 domestic branches, 3136 ATMs and 4 overseas branches.