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Bank of Baroda

Bank of Baroda (BoB) (Hindi: ) is an In-

dian state-owned banking and nancial services company
headquartered in Vadodara (earlier known as Baroda) in
Gujarat, India. It is the second-largest bank in India, af-
ter State Bank of India, and oers a range of banking
products and nancial services to corporate and retail cus-
tomers through its branches and through its specialised
subsidiaries and aliates. During FY 2012-13, Its to-
tal business was 8,021 billion.
In addition to its head-
quarters in its home state of Gujarat, it has a corporate
headquarters in the Bandra Kurla Complex in Mumbai.
Based on 2012 data, it is ranked 715 on Forbes Global
2000 list.
BoB has total assets in excess of 3.58 tril-
lion, a network of 4464 branches in India, and over 2000
The bank was founded by the Maharaja of Baroda, H. H.
Sir Sayajirao Gaekwad III 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 and has been
designated as a prot-making public sector undertaking
Bank of Baroda is one of the Big Four banks of India,
along with State Bank of India, ICICI Bank and Punjab
National Bank.
1 History
1.1 19081959
In 1908, Maharaja Sayajirao Gaekwad III, one of the
knights of the Maratha Kingdom, set up the Bank of
Baroda (BoB),
with other stalwarts of industry such as
Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thak-
ersey, Tulsidas Kilachand and NM Chokshi.
Two years
later, BoB established its rst branch in Ahmedabad. The
bank grew domestically until after World War II. Then in
1953 it crossed the Indian Ocean to serve the communi-
ties of Indians in Kenya and Indians in Uganda by estab-
lishing a branch each in Mombasa and Kampala. The next
year it opened a second branch in Kenya, in Nairobi, and
in 1956 it opened a branch in Tanzania at Dar-es-Salaam.
Then in 1957 BoB took a giant step abroad by establish-
ing a branch in London. London was the center of the
British Commonwealth and the most important interna-
tional banking center. In 1958 BoB acquired Hind Bank
(Calcutta; est. 1943), which became BoBs rst domestic
Maratha Maharaja Sayajirao Gaekwad III, the founder of Bank
of Baroda
1.2 1960s
In 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. The next
year it opened a branch in Mauritius. Bank of Baroda In
1963, BoB acquired Surat Banking Corporation in Surat,
Gujarat. The next year BoB acquired two banks: Umber-
gaon Peoples Bank in southern Gujarat and Tamil Nadu
Central Bank in Tamil Nadu state.
In 1965, BoBopened a branch in Guyana. That same year
BoB lost its branch in Narayanjanj (East Pakistan) due to
the Indo-Pakistani War of 1965. It is unclear when BoB
had opened the branch. In 1967 it suered a second loss
of branches when the Tanzanian government nationalised
BoBs three branches there at (Dar es Salaam, Mwanga,
and Moshi), and transferred their operations to the Tanza-
nian government-owned National Banking Corporation.
In 1969 the Indian government nationalised 14 top
banks, including BoB. BoB incorporated its operations in
Uganda as a 51%subsidiary, with the government owning
the rest.
1.3 1972s
In 1972, BoB acquired Bank of India's operations in
Uganda. Two years later, BoB opened a branch each in
Dubai and Abu Dhabi.
Back in India, in 1975, BoB acquired the majority share-
holding and management control of Bareilly Corporation
Bank (est. 1928) and Nainital Bank (est. in 1954), both
in Uttar Pradesh. Since then, Nainital Bank has expanded
to Uttarakhand state.
International expansion continued in 1976 with the open-
ing of a branch in Oman and another in Brussels. The
Brussels branch was aimed at Indian rms from Mumbai
(Bombay) engaged in diamond cutting and jewellery hav-
ing business in Antwerp, a major center for diamond cut-
Two years later, BoB opened a branch in New York and
another in the Seychelles. Then in 1979, BoB opened a
branch in Nassau, the Bahamas.
1.4 1980s
In 1980, BoB opened a branch in Bahrain and a repre-
sentative oce 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. Eventually (in
1998), BoB would buy out its partners.
A second consortium or joint-ventrue bank followed in
1985. BoB (20%), Bank of India (20%), Central Bank
of India (20%) and ZIMCO(Zambian government; 40%)
established Indo-Zambia Bank in Lusaka. That same year
BoB also opened an Oshore Banking Unit (OBU) in
Back in India, in 1988, BoB acquired Traders Bank,
which had a network of 34 branches in Delhi.
1.5 1990s
In 1990, BoB opened an OBU in Mauritius, but closed its
representative oce in Sydney. The next year BoB took
over the London branches of Union Bank of India and
Punjab & Sind Bank (P&S). P&Ss branch had been es-
tablished before 1970 and Union Banks 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.
Then in 1992 BoB incorporated its operations in Kenya
into a local subsidiary with a small tranche of shares
quoted on the Nairobi Stock Exchange. The next year,
BoB closed its OBU in Bahrain.
In 1996, BoB Bank entered the capital market in Decem-
ber with an Initial Public Oering (IPO). The Govern-
ment of India is still the largest shareholder, owning 66%
of the banks equity.
In 1997, BoB opened a branch in Durban. The next year
BoB bought out its partners in IUB International Finance
in Hong Kong. Apparently this was a response to reg-
ulatory changes following Hong Kongs reversion to the
Peoples Republic of China. The now wholly owned sub-
sidiary became Bank of Baroda (Hong Kong), a restricted
license bank. BoB also acquired Punjab Cooperative
Bank in a rescue. BoB incorporate wholly owned sub-
sidiary BOB Capital Markets Ltd for broking business.
In 1999, BoB merged in Bareilly Corporation Bank in
another rescue. At the time, Bareilly had 64 branches,
including four in Delhi. In Guyana, BoB incorporated
its branch as a subsidiary, Bank of Baroda Guyana. BoB
added a branch in Mauritius and closed its HarrowBranch
in London.
1.6 2000s
In 2000 BoB established Bank of Baroda (Botswana).
The bank has three banking oces, two in Gaberone and
one in Francistown.
In 2002 BoB acquired Benares State Bank (BSB) at the
Reserve Bank of Indias request. BSB was established
in 1946 but traced its origins back to 1871 and its func-
tion as the treasury oce of the Benares state. In 1964,
BSB had acquired Bareilly Bank (est. 1934), with seven
branches in western districts of Uttar Pradesh; BSB also
had taken over Lucknow Bank in 1968. The acquisition
of BSB brought BoB 105 new branches. Lucknow Bank,
a unit bank with its only oce in Aminabad, had been es-
tablished in 1913. Also in 2002, BoB listed Bank of Bar-
oda (Uganda) on the Uganda Securities Exchange (USE).
The next year BoB opened an OBU in Mumbai.
In 2004 BoB acquired the failed Gujarat Local Area
Bank. BoB also returned to Tanzania by establishing a
subsidiary in Dar-es-Salaam. BoB also opened a rep-
resentative oce each in Kuala Lumpur, Malaysia, and
Guangdong, China.
2005: BoB built a Global Data Centre (DC) in
Mumbai for running its centralised 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 representa-
tive oce in Thailand.
2006: BoB established an Oshrore Banking Unit
(OBU) in Singapore.
2007: In its centenary year, BoBs total busi-
ness crossed 2.09 trillion (short scale), its branches
crossed 2000, and its global customer base 29 mil-
lion people.
2008: BoB opened a branch in Guangzhou, China
(02/08/2008) and in Kenton, Harrow United King-
dom. BoB opened a joint venture life insurance
company with Andhra Bank and Legal and General
(UK) called IndiaFirst Life Insurance Company.
1.7 2010s
In 2010, Malaysia awarded a commercial banking li-
cence to a locally incorporated bank to be jointly owned
by Bank of Baroda, Indian Overseas Bank and Andhra
Bank. That same year, BoB also opened a branch in New
In 2011, BoB opened an Electronic Banking Service
Unit (EBSU) was opened at Hamriya Free Zone, Sharjah
(UAE). It also opened four new branches in existing op-
erations in Uganda, Kenya (2), and Guyana. BoB closed
its representative oce in Malaysia in anticipation of the
opening of its consortium bank there. BoB received 'In
Principle' approval for the upgrading of its representative
oce in Australia to a branch.
The Malaysian consortium bank, India International
Bank Malaysia (IIBM), nally opened in Kuala Lumpur,
which has a large population of Indians. BOB owns 40%,
Andhra Bank owns 25%, and IOB the remaining 35% of
the share capital. IIBMseeks to open ve branches within
its rst year of operations in Malaysia, and intends to grow
to 15 branches within the next three years.
2 Subsidiaries
BOB Capital Markets (BOBCAPS) is a SEBI-registered
investment banking company based in Mumbai,
It is a wholly owned subsidiary of Bank
of Baroda.
Its nancial services portfolio includes
initial public oerings, private placement of debts,
corporate restructuring, business valuation, mergers
and acquisition, project appraisal, loan syndication,
institutional equity research, and brokerage.
3 International presence
In its international expansion, the Bank of Baroda fol-
lowed the Indian diaspora, especially that of Gujaratis.
The Bank has 101 branches/oces in 24 countries includ-
ing 61 branches/oces of the bank, 38 branches of its 8
subsidiaries and 1 representative oce in Thailand. The
Bank of Baroda has a joint venture in Zambia with 16
Among the Bank of Barodas overseas branches are ones
in the worlds major nancial centres (e.g., New York,
London, Dubai, Hong Kong, Brussels and Singapore),
as well as a number in other countries. The bank is en-
gaged in retail banking via the branches of subsidiaries in
Botswana, Guyana, Kenya, Tanzania, and Uganda. The
bank plans has recently upgraded its representative of-
ce in Australia to a branch and set up a joint venture
commercial bank in Malaysia. It has a large presence
in Mauritius with about nine branches spread out in the
The Bank of Baroda has received permission or in-
principle approval from host country regulators to open
new oces 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 of-
ces in the Maldives, and New Zealand. It is seeking ap-
proval for operations in Bahrain, South Africa, Kuwait,
Mozambique, and Qatar, and is establishing oces in
Canada, NewZealand, Sri Lanka, Bahrain, Saudi Arabia,
and Russia. It also has plans to extend its existing opera-
tions in the United Kingdom, the United Arab Emirates,
and Botswana.
The tagline of Bank of Baroda is Indias International
4 Aliates
IndiaFirst Life Insurance Company is a joint venture be-
tween Bank of Baroda (44%) and fellow Indian state-
owned bank Andhra Bank (30%), and UKs nancial and
investment company Legal & General (26%).
It was
incorporated in November, 2009 and has its headquarters
in Mumbai.
The company started strongly, achieving
a turnover in excess of 2 billion in its rst four and half
5 Baroda Manipal postgraduate
diploma in banking and nance
Bank of Baroda and Manipal University have established
the Baroda Manipal School of Banking, which oers a
Postgraduate Diploma in Banking & Finance (PGDBF)
from Manipal University.
The duration of the course
is just one year, after which, successful graduates will join
Bank of Baroda as management trainees.
6 Bank of Baroda nancials 2013
Sales 352 billion
Prots 45 billion
Assets 4,496 billion
7 See also
Indian banking
IndiaFirst Life Insurance Co. Ltd.
H. H. Sayajirao Gaekwad
List of banks in India
Indian Financial System Code
Bank of Baroda (Uganda)
8 References
[1] Indias International Bank - About Us - The Heritage.
Bank of Baroda. 20 July 1908. Retrieved 13 September
[3] Indias International Bank - Financials - Quarter/Year
ended - March 2013. Bank of Baroda. Retrieved 13
September 2013.
[4] Growth potential for Bank of Baroda is pretty high: Ari-
hant Capital Markets Views/Recommendations Stocks
Markets. The Economic Times. 28 May 2010. Re-
trieved 20 August 2010.
[5] Resilience to help Bank of Baroda stay a step ahead of
peers. Economictimes. 30 July 2010. Retrieved 28 April
[6] Bank of Baroda Branches. Re-
trieved 2014-05-09.
[7] About us - The Heritage. Bank of Baroda. Retrieved
27 March 2013.
[8] The Heros. Bank of Baroda. Retrieved 13 September
[9] Contact Us. BOB Capital Markets Ltd. Retrieved 3
February 2011.
[10] BOB Capital to begin e-broking by March-end. 9 September 2008. Retrieved 3
February 2011.
[11] Indias International Bank - International. Bank of Bar-
oda. Retrieved 13 September 2013.
[12] Indias International Bank - Branch Locator - Overseas
Branches - Mauritius. Bank of Baroda. Retrieved 13
September 2013.
[13] anurag. IndiaFirst Life Insurance becomes the 23rd life
insurer in India. Banknet India. Retrieved 13 September
[14] IndiaFirst new business premium crosses Rs 200 crore-
Finance-Banking/Finance-News By Industry-News- ex-
tquotedbl. The Economic Times. 5 April 2010. Re-
trieved 28 April 2010. IndiaFirst Life today said it has
collected rst year premium of over Rs 200 crore in just
four and half months since the insurance company became
[15] IndiaFirst Life Insurance to begin operations by Dec.
The Hindu BusinessLine. 10 November 2009. Retrieved
28 April 2010.
[16] IndiaFirst Life eyes Rs 100 crore. 26
December 2009. Retrieved 28 April 2010.
[17] Baroda Manipal School of Banking. Bank of Baroda.
Retrieved 8 April 2014.
[18] Life Insurance|term plan|investment plans - IndiaFirst
Life Insurance. Retrieved 13 Septem-
ber 2013.
9 Further reading
Tripathi, Dwijendra and Priti Misra (1985). To-
wards a New Frontier: History of the Bank of Bar-
oda, 19081983. (New Delhi, India: Manohar),
10 External links
Media related to Bank of Baroda at Wikimedia Com-
Bank of Baroda website
Bank of Baroda Hong Kong website
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