Chennai is the headquarters of the Indian Bank, the Indian Overseas Bank and the erstwhile Bharat Overseas Bank, which merged with the Indian Overseas Bank in 2007.[293] The city is home to the south zonal office of the Reserve Bank of India, the country's central bank, along with its zonal training centre and Reserve Bank Staff College, one of the two colleges of the bank.[294] The city also houses the permanent back office of the World Bank, which is one of the largest buildings owned by the bank outside its headquarters in Washington, DC.[295] The Chennai office handles corporate financial, accounting, administrative and IT services of the bank, in addition to several value-added operations of the bank that were earlier handled only in its Washington, DC office, including the bank's analytical work in bond valuation which is estimated to be US$100 billion.[296] Several foreign banks have established their branches in the city.