Bank of Baroda
Encyclopedia
Bank of Baroda is the third largest bank in India, after the State Bank of India
and the Punjab National Bank
and ahead of ICICI Bank
. BoB is ranked 763 in Forbes Global 2000
list. BoB has total assets in excess of Rs. 3.58 lakh
crores, or Rs. 3,583 billion, a network of over 3,409 branches and offices, and about 1,657 ATMs. It plans to open 400 new branches in the coming year. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, credit cards and asset management. Its total business was Rs. 5,452 billion as of June 30.
As of August 2010, the bank has 78 branches abroad and by the end of FY11 this number should climb to 90. In 2010, BOB opened a branch in Auckland, New Zealand, and its tenth branch in the United Kingdom. The bank also plans to open five branches in Africa. Besides branches, BoB plans to open three outlets in the Persian Gulf region that will consist of ATMs with a couple of people.
The Maharajah of Baroda, Sir Sayajirao Gaekwad III, founded the bank on 20 July 1908 in the princely state
of Baroda
, in Gujarat. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the government of India
.
In its international expansion, the Bank of Baroda followed the Indian diaspora, especially that of the Gujaratis. It has significant international presence with a network of 72 offices in 25 countries, six subsidiaries, and four representative offices.
Among the Bank of Baroda’s 85 overseas branches are ones in the world’s major financial centers (e.g., New York
, London
, Dubai
, Hong Kong
(which it has upgraded recently), Brussels
and Singapore
), as well as a number in other countries. The bank is engaged in retail banking via 17 branches of subsidiaries in Botswana
, Guyana
, Kenya
, Tanzania
, and Uganda
. The Bank of Baroda also has a joint-venture bank in Zambia
with nine branches. The Bank of Baroda maintains representative offices in Malaysia, China
, Thailand
, and Australia
. It plans to upgrade its offices in China
and Malaysia shortly to a branch and joint-venture, respectively.
The Bank of Baroda has received permission or in-principle approval from host country regulators to open new offices in Trinidad and Tobago
and Ghana
, where it seeks to establish joint ventures or subsidiaries. The bank has received Reserve Bank of India
approval to open offices in The Maldives
, and New Zealand
. It is seeking approval for operations in Bahrain
, South Africa
, Kuwait
, Mozambique
, and Qatar
, and is establishing offices in Canada
, New Zealand
, Sri Lanka
, Bahrain
, Saudi Arabia
, and Russia
. It also has plans to extend its existing operations in the United Kingdom
, the United Arab Emirates
, and Botswana
.
The slogan of Bank of Baroda is "India's International Bank".
-registered investment banking
company based in Mumbai
, Maharashtra
. It is a wholly owned subsidiary of Bank of Baroda
. Its financial services portfolio includes Initial Public Offerings, private placement
of debts, corporate restructuring
, Business valuation, mergers & acquisition, project appraisal
and loan syndication.
State Bank of India
The State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest...
and the Punjab National Bank
Punjab National Bank
Punjab National Bank , was founded in 1894 and is currently the second largest state-owned commercial bank in India ahead of Bank of Baroda with about 5000 branches across 764 cities. It serves over 37 million customers. The bank has been ranked 248th biggest bank in the world by the Bankers...
and ahead of ICICI Bank
ICICI Bank
ICICI Bank Ltd. is India's second largest financial services company headquartered in Mumbai, India. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of...
. BoB is ranked 763 in Forbes Global 2000
Forbes Global 2000
The Forbes Global 2000 is an annual ranking of the top 2000 public companies in the world by Forbes magazine. The ranking is based on a mix of four metrics: sales, profit, assets and market value...
list. BoB has total assets in excess of Rs. 3.58 lakh
Lakh
A lakh is a unit in the Indian numbering system equal to one hundred thousand . It is widely used both in official and other contexts in Pakistan, Bangladesh, India, Maldives, Nepal, Sri Lanka, Myanmar and is often used in Indian English.-Usage:...
crores, or Rs. 3,583 billion, a network of over 3,409 branches and offices, and about 1,657 ATMs. It plans to open 400 new branches in the coming year. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, credit cards and asset management. Its total business was Rs. 5,452 billion as of June 30.
As of August 2010, the bank has 78 branches abroad and by the end of FY11 this number should climb to 90. In 2010, BOB opened a branch in Auckland, New Zealand, and its tenth branch in the United Kingdom. The bank also plans to open five branches in Africa. Besides branches, BoB plans to open three outlets in the Persian Gulf region that will consist of ATMs with a couple of people.
The Maharajah of Baroda, Sir Sayajirao Gaekwad III, founded the bank on 20 July 1908 in the princely state
Princely state
A Princely State was a nominally sovereign entitity of British rule in India that was not directly governed by the British, but rather by an Indian ruler under a form of indirect rule such as suzerainty or paramountcy.-British relationship with the Princely States:India under the British Raj ...
of Baroda
Baroda State
Baroda State was an Indian princely state in present-day Gujarat, ruled by the Gaekwad dynasty from its formation in 1721 until 1947 when it succeed to newly formed, India. With the city of Baroda as its capital, during the British Raj it was part of the Baroda Residency...
, in Gujarat. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
.
International presence
Among the Bank of Baroda’s 85 overseas branches are ones in the world’s major financial centers (e.g., New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
(which it has upgraded recently), Brussels
Brussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
and Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
), as well as a number in other countries. The bank is engaged in retail banking via 17 branches of subsidiaries in Botswana
Botswana
Botswana, officially the Republic of Botswana , is a landlocked country located in Southern Africa. The citizens are referred to as "Batswana" . Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966...
, Guyana
Guyana
Guyana , officially the Co-operative Republic of Guyana, previously the colony of British Guiana, is a sovereign state on the northern coast of South America that is culturally part of the Anglophone Caribbean. Guyana was a former colony of the Dutch and of the British...
, Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
, and Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
. The Bank of Baroda also has a joint-venture bank in Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
with nine branches. The Bank of Baroda maintains representative offices in Malaysia, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
, and Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. It plans to upgrade its offices in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and Malaysia shortly to a branch and joint-venture, respectively.
The Bank of Baroda has received permission or in-principle approval from host country regulators to open new offices in Trinidad and Tobago
Trinidad and Tobago
Trinidad and Tobago officially the Republic of Trinidad and Tobago is an archipelagic state in the southern Caribbean, lying just off the coast of northeastern Venezuela and south of Grenada in the Lesser Antilles...
and Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
, where it seeks to establish joint ventures or subsidiaries. The bank has received Reserve Bank of India
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
approval to open offices in The Maldives
Maldives
The Maldives , , officially Republic of Maldives , also referred to as the Maldive Islands, is an island nation in the Indian Ocean formed by a double chain of twenty-six atolls oriented north-south off India's Lakshadweep islands, between Minicoy Island and...
, and New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
. It is seeking approval for operations in Bahrain
Bahrain
' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, Kuwait
Kuwait
The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...
, Mozambique
Mozambique
Mozambique, officially the Republic of Mozambique , is a country in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west and Swaziland and South Africa to the southwest...
, and Qatar
Qatar
Qatar , also known as the State of Qatar or locally Dawlat Qaṭar, is a sovereign Arab state, located in the Middle East, occupying the small Qatar Peninsula on the northeasterly coast of the much larger Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its...
, and is establishing offices in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
, Sri Lanka
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
, Bahrain
Bahrain
' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
, Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
, and Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. It also has plans to extend its existing operations in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, the United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
, and Botswana
Botswana
Botswana, officially the Republic of Botswana , is a landlocked country located in Southern Africa. The citizens are referred to as "Batswana" . Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966...
.
The slogan of Bank of Baroda is "India's International Bank".
1908-1959
- 1908: Maharaja Sayajirao Gaekwad IIIMaharaja Sayajirao Gaekwad III165454565Sayajirao Gaekwad III was the Maharaja of Baroda State from 1875 to 1939, and is notably remembered for reforming much of his state during his rule....
set up Bank of Baroda (BOB) - 1910: BoB established its first branch in AhmedabadAhmedabadAhmedabad also known as Karnavati is the largest city in Gujarat, India. It is the former capital of Gujarat and is also the judicial capital of Gujarat as the Gujarat High Court has its seat in Ahmedabad...
. - 1953: BoB established a branch in MombasaMombasaMombasa is the second-largest city in Kenya. Lying next to the Indian Ocean, it has a major port and an international airport. The city also serves as the centre of the coastal tourism industry....
and another in KampalaKampalaKampala is the largest city and capital of Uganda. The city is divided into five boroughs that oversee local planning: Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division and Lubaga Division. The city is coterminous with Kampala District.-History: of Buganda, had chosen...
. - 1954: BoB opened a branch in NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
. - 1956: BoB opened a branch in Dar-es-Salaam.
- 1957: BoB established a branch in LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. - 1959: BoB acquired Hind Bank.
1960s
- 1961: BoB merged in New Citizen Bank of India. This merger helped it increase its branch network in MaharashtraMaharashtraMaharashtra is a state located in India. It is the second most populous after Uttar Pradesh and third largest state by area in India...
.
- BOB also opened a branch in FijiFijiFiji , officially the Republic of Fiji , is an island nation in Melanesia in the South Pacific Ocean about northeast of New Zealand's North Island...
.- 1962: BoB opened a branch in MauritiusMauritiusMauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
. - 1963: BoB acquired Surat Banking Corporation in SuratSuratSurat , also known as Suryapur, is the commercial capital city of the Indian state of Gujarat. Surat is India's Eighth most populous city and Ninth-most populous urban agglomeration. It is also administrative capital of Surat district and one of the fastest growing cities in India. The city proper...
, Gujarat. - 1964: BoB acquired two banks, Umbergaon People’s Bank in southern Gujarat and Tamil Nadu Central Bank in Tamil NaduTamil NaduTamil Nadu is one of the 28 states of India. Its capital and largest city is Chennai. Tamil Nadu lies in the southernmost part of the Indian Peninsula and is bordered by the union territory of Pondicherry, and the states of Kerala, Karnataka, and Andhra Pradesh...
state. - 1964: BoB lost its branch in Narayanjanj (East Pakistan) due to the Indo-Pakistan war. It is unclear when BOB had opened the branch.
- 1965: BoB opened a branch in GuyanaGuyanaGuyana , officially the Co-operative Republic of Guyana, previously the colony of British Guiana, is a sovereign state on the northern coast of South America that is culturally part of the Anglophone Caribbean. Guyana was a former colony of the Dutch and of the British...
. - 1967: The Tanzanian government nationalized BoB’s three branches there and transferred their operations to the Tanzanian government-owned National Banking Corporation.
- 1969: The Government of India nationalized 14 top banks, including BoB.
- 1962: BoB opened a branch in Mauritius
- BoB incorporated its operations in UgandaUgandaUganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
as a 51% subsidiary, with the government owning the rest.
1970s
- 1972: BoB acquired The Bank of IndiaBank of IndiaBank of India is a state-owned commercial bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is India's 4th largest bank, after State Bank of India, Punjab National Bank and Bank of Baroda. It has 3415 branches, including 29 branches outside India...
’s operations in Uganda. - 1974: BoB opened a branch each in DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
and Abu DhabiAbu DhabiAbu Dhabi , literally Father of Gazelle, is the capital and the second largest city of the United Arab Emirates in terms of population and the largest of the seven member emirates of the United Arab Emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western...
. - 1975: BoB acquired the majority shareholding and management control of Bareilly Corporation Bank (est. 1928) and Nainital BankNainital BankThe Nainital Bank Limited is a private Indian bank, established in 1954. Based in Nainital, over the years, the bank has expanded to Uttar Pradesh and especially in Uttarakhand State, and has over 100 branches in Rajasthan, Delhi and Haryana states...
(est. in 1954), both in Uttar PradeshUttar PradeshUttar Pradesh abbreviation U.P. , is a state located in the northern part of India. With a population of over 200 million people, it is India's most populous state, as well as the world's most populous sub-national entity...
. Since then, Nainital Bank has expanded to UttarakhandUttarakhandUttarakhand , formerly Uttaranchal, is a state in the northern part of India. It is often referred to as the Land of Gods due to the many holy Hindu temples and cities found throughout the state, some of which are among Hinduism's most spiritual and auspicious places of pilgrimage and worship...
State. - 1976: BoB opened a branch in OmanOmanOman , officially called the Sultanate of Oman , is an Arab state in southwest Asia on the southeast coast of the Arabian Peninsula. It is bordered by the United Arab Emirates to the northwest, Saudi Arabia to the west, and Yemen to the southwest. The coast is formed by the Arabian Sea on the...
and another in BrusselsBrusselsBrussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
. The Brussels branch was aimed at Indian firms from MumbaiMumbaiMumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
(Bombay) engaged in diamond cutting and jewellery having business in Antwerp, a major center for diamond cuttingDiamond cuttingDiamond cutting is the art, skill and, increasingly, science of changing a diamond from a rough stone into a faceted gem. Cutting diamond requires specialized knowledge, tools, equipment, and techniques because of its extreme difficulty....
. - 1978: BoB opened a branch in New York and another in the SeychellesSeychellesSeychelles , officially the Republic of Seychelles , is an island country spanning an archipelago of 115 islands in the Indian Ocean, some east of mainland Africa, northeast of the island of Madagascar....
. - 1979: BoB opened a branch in Nassau, the Bahamas.
1980s
- BoB opened a branch in Bahrain and a representative office in SydneySydneySydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
, Australia. - BoB, Union Bank of IndiaUnion Bank of IndiaUnion Bank of India is one of India's largest state-owned banks , is listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank's branches have been networked with its 1135 ATMs. Its online Telebanking facility are available to all its Core Banking Customers - individual as...
and Indian BankIndian BankIndian Bank is a major Indian Commercial Bank headquartered in Chennai , India. It has 22,000 employees, 1923 branches and is one of the big public sector banks of India. It has overseas branches in Colombo, Sri Lanka, Singapore, and 229 correspondent banks in 69 countries...
established IUB International Finance, a licensed deposit taker, in Hong KongHong KongHong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. Each of the three banks took an equal share.- 1985: BoB (20%), Bank of IndiaBank of IndiaBank of India is a state-owned commercial bank with headquarters in Mumbai. Government-owned since nationalization in 1969, It is India's 4th largest bank, after State Bank of India, Punjab National Bank and Bank of Baroda. It has 3415 branches, including 29 branches outside India...
(20%), Central Bank of IndiaCentral Bank of IndiaCentral Bank of India , a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai...
(20%) and ZIMCO (Zambian government; 40%) established Indo-Zambia Bank (Lusaka). BoB also opened an Offshore Banking Unit (OBU) in Bahrain. - 1988: BoB acquired Traders Bank, which had a branch network in Delhi.
- 1985: BoB (20%), Bank of India
1990s
- 1990: BoB opened an OBU in MauritiusMauritiusMauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
, but closed its representative office in Sydney. - 1991: BoB took over the London branches of Union Bank of IndiaUnion Bank of IndiaUnion Bank of India is one of India's largest state-owned banks , is listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank's branches have been networked with its 1135 ATMs. Its online Telebanking facility are available to all its Core Banking Customers - individual as...
and Punjab & Sind BankPunjab & Sind BankPunjab & Sind Bank is a major Public Sector bank in Northern India. Of its almost 1000 branches and offices spread throughout India, almost 400 are in Punjab state, though the bank's corporate headquarters is in New Delhi.-History:...
(P&S). P&S’s branch had been established before 1970 and Union Bank’s after 1980. The Reserve Bank of IndiaReserve Bank of IndiaThe Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
ordered the takeover of the two following the banks' involvement in the Sethia fraud in 1987 and subsequent losses. - 1992 BoB incorporated its operations in Kenya into a local subsidiary with a small tranche of shares quoted on the Nairobi Stock Exchange.
- 1993: BoB closed its OBU in Bahrain.
- 1996: BoB Bank entered the capital market in December with an Initial Public OfferingInitial public offeringAn initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
(IPO). The Government of India is still the largest shareholder, owning 66% of the bank's equity. - 1997: BoB opened a branch in DurbanDurbanDurban is the largest city in the South African province of KwaZulu-Natal and the third largest city in South Africa. It forms part of the eThekwini metropolitan municipality. Durban is famous for being the busiest port in South Africa. It is also seen as one of the major centres of tourism...
. - 1998: BoB bought out its partners in IUB International Finance in Hong Kong. Apparently this was a response to regulatory changes following Hong Kong’s reversion to the People’s Republic of China. The now wholly owned subsidiary became Bank of Baroda (Hong Kong), a restricted license bank.
- BoB also acquired Punjab Cooperative Bank in a rescue.
- BoB also incorporate wholly owned subsidiary BOB Capital Markets Ltd.for Broking Business.
- 1999: BoB merged in Bareilly Corporation Bank in another rescue. At the time, Bareilly had 64 branches, including four in DelhiDelhiDelhi , officially National Capital Territory of Delhi , is the largest metropolis by area and the second-largest by population in India, next to Mumbai. It is the eighth largest metropolis in the world by population with 16,753,265 inhabitants in the Territory at the 2011 Census...
.
- In GuyanaGuyanaGuyana , officially the Co-operative Republic of Guyana, previously the colony of British Guiana, is a sovereign state on the northern coast of South America that is culturally part of the Anglophone Caribbean. Guyana was a former colony of the Dutch and of the British...
, BoB incorporated its branch as a subsidiary, Bank of Baroda Guyana. - BoB added a branch in MauritiusMauritiusMauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
, but closed its Harrow Branch in London.
2000s
- 2000: BoB established Bank of Baroda (Botswana).
- 2002: BoB acquired Benares State Bank (BSB) at the Reserve Bank of India’s request. BSB was established in 1946 but traced its origins back to 1871 and its function as the treasury office of the Benares state. In 1964, BSB had acquired Bareilly Bank (est. 1934), with seven branches; it also had taken over Lucknow Bank in 1968. The acquisition of BSB brought BOB 105 new branches.
- 2002: Bank of Baroda (Uganda)Bank of Baroda (Uganda)Bank of Baroda is a commercial bank in Uganda. The bank is involved in all aspects of commercial banking, focusing on servicing large, medium and small business enterprises as well as individuals...
was listed on the Uganda Securities ExchangeUganda Securities ExchangeThe Uganda Securities Exchange is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank.The exchange's doors opened to trading in...
(USE). - 2003: BoB opened an OBU in MumbaiMumbaiMumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
. - 2004: BoB acquired the failed Gujarat Local Area Bank, and returned to TanzaniaTanzaniaThe United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
by establishing a subsidiary in Dar-es-Salaam. BoB also opened a representative office each in Kuala LumpurKuala LumpurKuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
, Malaysia, and GuangdongGuangdongGuangdong is a province on the South China Sea coast of the People's Republic of China. The province was previously often written with the alternative English name Kwangtung Province...
, ChinaPeople's Republic of ChinaChina , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
. - 2005: BoB built a Global Data Centre (DC) in MumbaiMumbaiMumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
for running its centralized banking solution (CBS) and other applications in more than 1,900 branches across India and 20 other counties where the bank operates. BoB also opened a representative office in ThailandThailandThailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
. - 2006: BoB established an Offshrore Banking Unit (OBU) in Singapore.
- 2007: In its centenary year, BoB’s total business crossed 2.09 lakh crores, its branches crossed 1000, and its global customer base 29 million people.
- 2008: BoB opened a branch in GuangzhouGuangzhouGuangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
, ChinaChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
(02/08/2008) and in Kenton, Harrow United Kingdom.
- BoB opened a joint venture life insurance company with Andhra BankAndhra BankAndhra Bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs. The Bank crossed many milestones and the Bank's Total Business as on 30.06.2008 stood at Rs.83,256 Crores with a Clientele...
and Legal and General (UK) called IndiaFirst Life Insurance CompanyIndiaFirst Life Insurance CompanyIndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between Bank of Baroda, Andhra Bank and Legal and General . IndiaFirst Life has made more than Rs. 200 crores in turnover. IndiaFirst Life insurance company is headquartered in Mumbai...
2010s
- 2010: Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda, Indian Overseas BankIndian Overseas BankIndian Overseas Bank is a major bank based in Chennai , with 2018 domestic branches and six branches overseas. Indian Overseas Bank has an ISO certified inhouse Information Technology department, which has developed the software that 2018 branches use to provide online banking to customers; the...
and Andhra BankAndhra BankAndhra Bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs. The Bank crossed many milestones and the Bank's Total Business as on 30.06.2008 stood at Rs.83,256 Crores with a Clientele...
. The new bank, India BIA Bank (Malaysia), will reside in Kuala Lumpur, which has a large population of Indians. Andhra Bank will hold a 25% stake in the joint-venture, BoB will own 40% and IOB the remaining 35%.
- BoB opened a branch in New ZealandNew ZealandNew Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
Subsidiaries
BOB Capital Markets Ltd. (BOBCAPS) is a SEBISecurities and Exchange Board of India
The Securities and Exchange Board of India is the regulator for the securities market in India.-History:It was formed officially by the Government of India in 1992 with SEBI Act 1992 being passed by the Indian Parliament...
-registered investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
company based in Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, Maharashtra
Maharashtra
Maharashtra is a state located in India. It is the second most populous after Uttar Pradesh and third largest state by area in India...
. It is a wholly owned subsidiary of Bank of Baroda
Bank of Baroda
Bank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank. BoB is ranked 763 in Forbes Global 2000 list. BoB has total assets in excess of Rs. 3.58 lakh crores, or Rs. 3,583 billion, a network of over 3,409 branches and...
. Its financial services portfolio includes Initial Public Offerings, private placement
Private placement
Private placement is a funding round of securities which are sold without an initial public offering, usually to a small number of chosen private investors...
of debts, corporate restructuring
Restructuring
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs...
, Business valuation, mergers & acquisition, project appraisal
Project appraisal
Project appraisal is a generic term that refers to the process of assessing, in a structured way, the case for proceeding with a project or proposal. In short, project appraisal is the effort of calculating a project's viability...
and loan syndication.
Bank of Baroda financials 2011
- Sales Rs. 24,695 crores
- Profits Rs. 4,241 crores
- Assets Rs. 3,58,397 crores
See also
- Indian banking
- BarodaVadodaraVadodara formerly known as Baroda is the third most populated city in the Indian State of Gujarat . It is one of the four cities with the population of over 1 million...
- Customer Banking Experiences
- Bank of Baroda (Uganda)Bank of Baroda (Uganda)Bank of Baroda is a commercial bank in Uganda. The bank is involved in all aspects of commercial banking, focusing on servicing large, medium and small business enterprises as well as individuals...
Further reading
- Tripathi, Dwijendra and Priti Misra (1985). Towards a New Frontier: History of the Bank of Baroda, 1908-1983. (New Delhi, India: Manohar).