IOB aims to increase Rs 900 crore through the sale of non-core assets

CHENNAI: State Property Indian Overseas Bank (IOB) Has Said It Will Monetize Non-core Activities, Including Real Estate Sales, And Increase Rs 900 Crore, Even If It Works To Turn To Profitability

The Bank, To Which The Prompt Corrective Action (PCA) Applies RBI Said In A Statement," As Part Of Its Strategy To Unlock Assets To Raise Capital, The Bank Has Identified 32 Properties For Sale, Including Prime Properties In Singapore And Hong Kong, Aggregating Rs 900 Crore."

During 2018-19, The Bank Has Sold Six Properties - One In India And Five Overseas Properties For Rs 129 Crore, Which Has Helped In Accretion To Capital. The Bank Has Initiated The Process For Sale Of The Remaining 26 Properties Valued At About Rs 775 Crore And Is Engaging Various Stakeholders For Expediting Sale And To Derive Maximum Value In The Process, The Statement Said.

K Swaminathan, ED, IOB, Said:" Bank With Various Initiatives Has Turned Around And Capital Augmentation Through These Ways."