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IOB appoints Ernst and Young as its advisor for Core Banking Solution

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IOB has selected consultancy firm Ernst and Young as its advisor in selecting a core banking solution vendor. Indian Overseas Bank (IOB) is looking at raising funds through the issue of medium term note, rights/public issue and from the government to fund its growth this fiscal and also go for new core banking solution (CBS). M Narendra, Chairman and Managing Director said, “We are looking at raising funds through medium term note, rights issue, and public issue. We plan to raise around Rs 2,350 crore to support our growth target of 18-20 percent this fiscal.”

The bank the government to infuse additional capital this fiscal after giving Rs 1,000 crore capital last year and had requested the government for a capital of Rs 1,500 crore last year.

The bank has selected consultancy firm Ernst and Young as its advisor in selecting a CBS vendor. Narendra said the bank is looking only for CBS and not for the hardware in a major way.

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