satna is a city in the Indian state of Madhya Pradesh that also serves as the Satna districts administrative headquarters. The city derives its name from the nearby Satna river which flows through the Baghelkhand region of the state. According to the Hindu epic Mahabharata, the Haihaya, Kalchuri or Chedi clans were the inhabitants of the region. Satna has a long history of being a part of various princely states. The city sits on a mineral-rich area and is known for dolomite mines and limestone and it contributes around 8% to 9% of the countrys total cement production. There are ten cement factories in Satna and the product is exported to other parts of the country. Satna houses the well-known electrical cable company called Universal Cables. Satna also serves as a major spot for religious tourism including Chitrakoot, Maihar and Bharhut. There are many temples, a Buddhist Stupa and a fort in the vicinity of the area. The city has quite a few good schools and colleges and is currently upgrading itself to become a modern city with all modern facilities. This city is often called the commercial capital of Baghelkhand as it is among the most promising cities of the state. Several new industries have been planned to be set up in this city by some of the most reputed industrial houses in India.
In 2000, Indian Overseas Bank engaged in an initial public offering (IPO) that brought the governments share in the banks equity down to 75%. In 2001, the IOB acquired the Mumbai-based Adarsha Janata Sahakari Bank. Then in 2009, the bank took over Shree Suvarna Sahakari Bank, which was founded in 1969 and had its head office in Pune. Since 2006, Shree Suvarna Sahakari Bank had been in administration. It had nine offices in Pune, 2 in Mumbai and 1 in Shirpur. The total strength of employees was estimated to be more than 100. On 29 August 2003, the Indian Overseas Bank has opened an extension counter at New Kathiresan Temple complex, Bambalapitiya, Ceylon. The IOB opened a representative office in Guangzhou, China in 2005 followed which the bank opened another representative office in Kuala Lumpur and 2009 in Dubai, UAE. In the new millennium, international expansion started once again. The bank took over Bharat Overseas Bank in 2007. After three years, Malaysia granted a commercial banking license to a local bank jointly owned by BOB, IOB, and the Andhra Bank. The new bank named, India International Bank ( IIB Malaysia), began its business in 2012 in Kuala Lumpur and had a large population of Indians. The Andhra Bank holds a 25% stake in its joint-venture, BOB owns 40%, and remaining 35% is with IOB. On 31 August 2013, the Indian Overseas Bank has opened an offshore banking unit in Colombo, Sri Lanka. The bank also converted its existing Extension Counter at Ceylon into a full-fledged branch.