| Bank of Baroda | |
|---|---|
| Type | Public BSE & NSE:BOB} |
| Founded | 1908 |
| Headquarters | Bank of Baroda, Baroda Corporate Centre, Plot No - C-26, G - Block, Bandra Kurla Complex, Mumbai India |
| Key people | Chairman Anil K. Khandelwal |
| Industry | Banking Capital Markets and allied industries |
| Products | Loans, Credit Cards, Savings, Investment vehicles etc. |
| Revenue |  INR 10264 mil |
| Total assets | INR 1,431 bn |
| Website | www.bankofbaroda.com |
Bank of Baroda (BSE: 532134) is a bank in India established on July 20, 1908 by Maharaja of Baroda Sir Sayajirao Gaekwad III, in the princely state of Baroda, in Gujarat. The bank, along with 13 other major commercial banks of India, was nationalisd on 19th July, 1969, by the Government of India. Bank of Baroda is the fifth largest bank in India. It has total assets in excess of Rs. 1.78 lakh crores, or Rs. 1,780 bn., a network of over 2800 branches and offices, and about 1000+ ATMs. Bank of Baroda 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 and affiliates in the areas of investment banking, credit cards and asset management.
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International Presence
In its international expansion Bank of Baroda followed the Indian diaspora, and especially that of the Gujaratis. It has significant international presence with a network of 65 offices in 23 countries, six subsidiaries, and four representative offices. Among Bank of Baroda's 43 overseas branches are ones in the world’s major financial centers i.e. 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, and a joint-venture bank in Zambia with nine branches. Bank of Baroda maintains representative offices are in Malaysia, China, Thailand, & Australia. It should be upgrading its offices in China and Malaysia shortly to a branch or joint-venture, respectively. The Bank has received permissions or in principle approvals from host country regulators to open new offices in Trinidad and Tobago and Ghana, where it is seeking 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, Johannesburg, 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.
History
1908-1958
- 1908: Maharaja Sayajirao Gaekwad III set up Bank of Baroda (BOB).
- 1910: BOB established its first branch in Ahmedabad.
- 1953: BOB established a branch in Mombasa and another in Kampala.
- 1954: BOB opened a branch in Nairobi.
- 1956: BOB opened a branch in Dar-es-Salaam.
- 1957: BOB established a branch in London to follow Asians emigrating from East Africa.
- 1958: BOB acquired Hind Bank.
1960s
- 1961: BOB merged in New Citizen Bank of India. This merger helped it increase its branch network in Maharashtra. BOB also opened a branch in Fiji.
- 1962: BOB opened a branch in Mauritius.
- 1963: BOB acquired Surat Banking Corporation.
- 1964: BOB acquired two banks, Umbergaon People’s Bank in southern Gujarat and Tamilnadu Central Bank in Madras 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.
- 1966: BOB opened a branch in Guyana.
- 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. BOB incorporated its operations in Uganda as a 51% subsidiary, with the government owning the rest.
1970s and 1980s
- 1972: BOB acquired Bank of India’s operations in Uganda.
- 1974: BOB opened a branch each in Dubai and Abu Dhabi.
- 1975: BOB acquired the majority shareholding and management control of Bareilly Corporation Bank (est. 1928) and Nainital Bank (est. in 1954), that time both in Uttar Pradesh. Now Nainital Bank in Uttarakhand State.
- 1976: BOB opened a branch in Oman and another in Brussels. The Brussels branch was aimed at Indian firms from Mumbai (Bombay) engaged in diamond cutting and jewellery having business in Antwerp, a major center for diamond cutting.
- 1978: BOB opened branch in New York and another in the Seychelles.
- 1979: BOB opened a branch in Nassau, the Bahamas.
- 1980: BOB opened a branch in Bahrain and a representative office in Sydney, Australia. BOB, Union Bank of India and Indian Bank established IUB International Finance, a licensed deposit taker, in Hong Kong. Each of the three banks took an equal share.
- 1985: BOB (20%), Bank of India (20%), Central Bank of India (20%) and ZIMCO (Zambian government; 40%) established Indo-Zambia Bank Ltd. (Lusaka). BOB also opened an Offshore Banking Unit (OBU) in Bahrain.
- 1988: BOB acquired Traders Bank, which had a branch network in Delhi.
1990s
- 1990: BOB opened an OBU in Mauritius, but closed its representative office in Sydney.
- 1991: BOB took over the London branches of Union Bank of India and Punjab & Sind Bank (P&S). P&S’s branch had been established before 1970 and Union Bank’s after 1980. The Reserve Bank of India 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 Offering (IPO). The Government of India is still the largest shareholder, owning 66% of the bank's equity.
- 1997: BOB opened a branch in Durban.
- 1998: BOB bought out its partners in IUB Intl. Fin. In Hong Kong. Apparently this was a response to regulatory changes following Hong Kong’s reversion to the Peoples 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.
- 1999: BOB acquired Bareilly Corporation Bank in another rescue. In Guyana, BOB incorporated its branch as a subsidiary, Bank of Baroda Guyana.
2000s
- 2000: BOB established Bank of Baroda Botswana.
- 2002: BOB acquired Benares State Bank at the Reserve Bank of India’s request.
- 2003: BOB opened an OBU in Mumbai.
- 2004: BOB acquired the failed Gujarat Local Area Bank, and returned to Tanzania by establishing a subsidiary in Dar-es-Salaam. BOB a;so opened a representative office each in Kuala Lumpur, Malaysia, and Guangdong, PRC.
- 2005: The Reserve Bank of India (RBI), has approved a joint venture between BOB, Bank of Maharashtra (BOM), and Oriental Bank of Commerce (OBC) to set up a bank in Malaysia. The new bank will reside in Kuala Lumpur, which has a large population of Indians. The initial capital required will be US$78 million; BOB will invest 40%, and the other two banks will invest 30% each. The JV is awaiting approval from the Malaysian Central Bank. Bank has built and commissioned its own State-of-the-Art Global Data Centre (DC) in Mumbai for running its centralised banking solution(CBS) and other applications in 1900+ branches across India and 20 other counties where the Bank is operating. BOB also opened a representative office in Thailand.
- 2006: BOB established an Offshrore Banking Unit (OBU) in Singapore.
- 2007: BOB's total business crosses 2.09 lakh crores.
- 2007: BOB enters centenary year.
Bank of Baroda Financials
http://www.bankofbaroda.com/fin/investor.asp
- Sales Rs. 10385 crores
- Profits Rs. 1026 crores
- Assets Rs. 143146 crores
See also
Further reading
- Tripathi, Dwijendra and Priti Misra (1985). Towards a New Frontier: History of the Bank of Baroda, 1908-1983. (New Delhi, India: Manohar).
External links
- Bank of Baroda website
- BoBCards - Credit card Arm of Bank of Baroda
- BoB Capital markets - Investment Banking Arm of Bank of Baroda
- BoB Mutual Fund - Mutual Fund Arm of Bank of Baroda
- Bank of Baroda Atm's,Branches
- BOB ties up with CmF (Centre for micro Finance)
