Bank of Baroda

Bank of Baroda (BoB) is an Indian

multinational, public sector banking and
financial services company. It is owned by
Government of India.
 Bank of Baroda

India’s International Bank

Type Public sector

undertaking

Traded as BSE: 532134
NSE: BANKBARODA
CNX Nifty Constituent

ISIN INE028A01039

Industry Banking
Financial Services
Founded 20 July 1908

Founder Sayajirao Gaekwad III

Headquarters Baroda Bhavan, R.C.

Dutt Road, Kallakurichi
Alkapuri, Vadodara,
India[1]
Number of locations 9583 branches[2] (2018)
Area served India & Worldwide
Key people Hasmukh Adhia
(Chairman)
P. S. Jayakumar,
(MD & CEO)[3]

Services consumer banking,

corporate banking,
finance and insurance,
investment banking,
mortgage loans, private
banking, private equity,
savings, Securities,
asset management,
wealth management

Revenue ₹50,305.6945 crore

(US$7.3 billion)[4] (2018)
Operating income ₹1,664.2435 crore
(US$240 million)[4] (2018)
Net income ₹-2,431.8122 crore
(US$
−350 million)[4] (2018)
Total assets ₹719,999.7716 crore
(US$100 billion)[4] (2018)

Total equity ₹530.3644 crore

(US$77 million)[4] (2018)

Owner Government of India

Number of employees 85,000[4] (2018)

Capital ratio 12.13% (2018)[4]

Website www.bankofbaroda
.com

Based on 2017 data, it is ranked 1145 on

Forbes Global 2000 list.[5][6] BoB has total
assets in excess of ₹ 3.58 trillion (making
it India’s 2nd biggest bank by assets),[7] a
network of 9583 branches in India and
abroad, and 10441 ATMs as of July,
2017.[8] The government of India
announced the merger of Bank of Baroda,
Vijaya Bank and Dena Bank on September
17, 2018 to create the country's third
largest lender. The amalgamation is the
first-ever three-way consolidation of banks
in the country, with a combined business
of Rs 14.82 lakh crore, making it the third
largest bank after State Bank of India (SBI)
and HDFC Bank.[9]

The bank was founded by the Maharaja of

Baroda, Maharaja Sayajirao Gaekwad III on
20 July 1908 in the Princely State of
Baroda, in Gujarat.[10] 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 profit-making public
sector undertaking(PSU).

As many as 10 banks have been merged

with Bank of Baroda during its journey so
far.[11]

History

Maharaja Sayajirao Gaekwad III, the founder of Bank of

Baroda

In 1908, Maharaja Sayajirao Gaekwad III,

set up the Bank of Baroda (BoB),[12] with
other stalwarts of industry such as
Sampatrao Gaekwad, Ralph Whitenack,
Vithaldas Thakersey, Tulsidas Kilachand
and NM Chokshi.[13] Two years later, BoB
established its first branch in Ahmedabad.
The bank grew domestically until after
World War II. Then in 1953 it crossed the
Indian Ocean to serve the communities of
Indians in Kenya and Indians in Uganda by
establishing 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 establishing a branch
in London. London was the center of the
British Commonwealth and the most
important international banking center. In
1958 BoB acquired Hind Bank (Calcutta;
est. 1943), which became BoB's first
domestic acquisition.

1960s

In 1961, BoB acquired 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

In 1963, BoB acquired Surat Banking

Corporation in Surat, Gujarat. The next year
BoB acquired two banks: Umbergaon
People's Bank in southern Gujarat and
Tamil Nadu Central Bank in Tamil Nadu
state.

In 1965, BoB opened a branch in Guyana.

That same year BoB lost its branch in
Narayanganj (East Pakistan) due to the
Indo-Pakistani War of 1965. It is unclear
when BoB had opened the branch. In 1967
it suffered a second loss of branches
when the Tanzanian government
nationalised BoB's three branches there at
(Dar es Salaam, Mwanga, and Moshi), and
transferred their operations to the
Tanzanian 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.

1970s
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 shareholding and management
control of Bareilly Corporation Bank (est.
1954) and Nainital Bank (est. in 1922),
both in Uttar Pradesh and Uttarakhand
respectively. Since then, Nainital Bank has
expanded to Uttarakhand, Uttar Pradesh,
Haryana, Rajasthan and Delhi state. Right
now BoB have 99% shareholding in
Nainital Bank.
International expansion continued in 1976
with the opening of 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.

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.

1980s
In 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. Eventually (in 1999), 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
Offshore Banking Unit (OBU) in Bahrain.
Back in India, in 1988, BoB acquired
Traders Bank, which had a network of 34
branches in Delhi.

1990s

In 1992, BoB opened an OBU in Mauritius,

but closed its representative office in
Sydney. The next year 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.

Then in 1992 BoB incorporated its

operations in Kenya into a local subsidiary.
The next year, BoB closed its OBU in
Bahrain.

In 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.

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
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
incorporate a wholly–owned subsidiary,
BOB Capital Markets, 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 Harrow Branch in London.

2000s

In 2000 BoB established Bank of Baroda

(Botswana). The bank has three banking
offices, two in Gaborone and one in
Francistown. In 2002, BoB converted its
subsidiary in Hong Kong from deposit
taking company to a Restricted License
Bank.

In 2002 BoB acquired Benares State Bank

(BSB) at the Reserve Bank of India's
request. BSB had been 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 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
office in Aminabad, had been established
in 1913. Also in 2002, BoB listed Bank of
Baroda (Uganda) on the Uganda Securities
Exchange (USE). The next year BoB
opened an OBU in Mumbai.
In 2004 BoB acquired the failed south
Gujarat Local Area Bank. BoB also
returned to Tanzania by establishing a
subsidiary in Dar-es-Salaam. BoB also
opened a representative office each in
Kuala Lumpur, Malaysia, and Guangdong,
China.

In 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
representative office in Thailand.
In 2006 BoB established an Offshrore
Banking Unit (OBU) in Singapore.

In 2007, its centenary year, BoB's total

business crossed 2.09 trillion (short
scale), its branches crossed 2000, and its
global customer base 29 million people. In
Hong Kong, Bank got Full Fledged Banking
license and business of its Restricted
License Banking subsidiary was taken over
Bank of Baroda branch in Hong Kong
w.e.f.01.04.2007.

In 2008 BoB opened a branch in

Guangzhou, China (02/08/2008) and in
Kenton, Harrow United Kingdom. BoB
opened a joint venture life insurance
company with Andhra Bank and Legal and
General (UK) called IndiaFirst Life
Insurance Company.

In 2009 Bank of Baroda (New Zealand)

was registered.[14] As of 2017 BoB (NZ)
has 3 branches: two in Auckland, one in
Wellington.[15]

2010s

In 2010 Malaysia awarded a commercial

banking licence to a locally incorporated
bank to be jointly owned by Bank of
Baroda, Indian Overseas Bank and Andhra
Bank.

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
operations in Uganda, Kenya (2), and
Guyana. BoB closed its representative
office in Malaysia in anticipation of the
opening of its consortium bank there. BoB
received 'In Principle' approval for the
upgrading of its representative office in
Australia to a branch. Bob also acquired
Mumbai-based Memon Cooperative Bank,
which had 225 employees and 15
branches in Maharashtra and three in
Gujarat. It had to suspend operations in
May 2009 due to its precarious financial
condition.

The Malaysian consortium bank, India

International Bank Malaysia (IIBM), finally
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. IIBM
seeks to open five branches within its first
year of operations in Malaysia, and intends
to grow to 15 branches within the next
three years.
On 17 September 2018, the Government of
India proposed the merger of Dena Bank
and Vijaya Bank with the Bank of Baroda,
pending approval from the boards of the
three banks.[16] The merger was approved
by the Union Cabinet and the boards of the
banks on 2 January 2019. Under the terms
of the merger, Dena Bank and Vijaya Bank
shareholders received 110 and 402 equity
shares of the Bank of Baroda, respectively,
of face value ₹2 for every 1,000 shares
they held. The merger came into effect on
1 April 2019.[17] Post-merger, the Bank of
Baroda is the third largest bank in India,
after State Bank of India and HDFC Bank.
The consolidated entity has over 9,500
branches,[18] 13,400 ATMs, 85,000
employees and serves 120 million
customers.[19]

Bank of Baroda announced in May 2019

that it would either close or rationalise
800-900 branches to increase operational
efficiency and reduce duplication post-
merger. The regional and zonal offices of
the merged companies would also be
closed. PTI quoted an unnamed senior
bank official as stating that Bank of
Baroda would look to expand in eastern
India as it already had a strong presence in
the other regions.[20]
Subsidiaries
BOB Capital Markets (BOBCAPS) is a SEBI-
registered investment banking company
based in Mumbai, Maharashtra.[21] It is a
wholly owned subsidiary of Bank of
Baroda.[22] Its financial services portfolio
includes initial public offerings, private
placement of debts, corporate
restructuring, business valuation, mergers
and acquisition, project appraisal, loan
syndication, institutional equity research,
and brokerage.

Bobcards Ltd is a credit card company,

100% subsidiary of Bank of Baroda. The
company is in the business of Credit
cards, Acquiring Business & back end
support for Debit cards operations to Bank
of Baroda. Bank of Baroda had introduced
its first charged card named BOBCARD in
the year 1984. The whole operation of this
plastic card was managed by Credit card
division of Bank of Baroda. It established a
wholly owned subsidiary, Bobcards
Limited in the year 1994 to cater to the
need of rapidly growing credit card
industry in a focused manner. BOBCARDS
Ltd is the first Non-banking company in
India issuing credit cards.

The Nainital Bank Ltd. was established in

the year 1922 with the objective to cater
banking needs of the people of the region.
In the year 1973, Reserve Bank of India
directed Bank of Baroda, to manage the
affairs of the Nainital Bank Limited.

International presence
The Bank has 107 branches/offices in 24
countries(excluding India) including 61
branches/offices of the bank, 38 branches
of its 8 subsidiaries and 1 representative
office in Thailand. The Bank of Baroda has
a joint venture in Zambia with 16
branches.[23]

Among the Bank of Baroda's overseas

branches are ones in the world's major
financial centres (e.g., New York, London,
Dubai, Hong Kong, Brussels and
Singapore), as well as a number in other
countries. The bank is engaged in retail
banking via the branches of subsidiaries in
Botswana, Guyana, Kenya, Tanzania, and
Uganda. The bank plans has recently
upgraded its representative office 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
country.[24]

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 tagline of Bank of Baroda is "India's
International Bank".

Affiliates
IndiaFirst Life Insurance Company is a
joint venture between Bank of Baroda
(44%) and fellow Indian state-owned bank
Andhra Bank (30%), and UK's financial and
investment company Legal & General
(26%).[25] It was incorporated in November,
2009 and has its headquarters in
Mumbai.[25] The company started strongly,
achieving a turnover in excess of ₹ 2 billion
in its first four and half months.[26][27][28]
Bank of Baroda and HDFC Bank are
partner banks in Chillr Mobile app. Non-
partner bank customers can only receive
funds. Only the mobile number of the
beneficiary in the remitter's phonebook is
needed. Application enables customers to
send money to any registered Chillr user
on phone contact list.

Honours
This section does not cite any sources.
Learn more

Best Public Sector Bank Award under

the category of Global Business at the
Dun & Bradstreet Banking Awards 2015.
 The Government of India awarded Bank
with the 1st Prize in the Indira Gandhi
Rajbhasha Shield

Competition in Region 'B'. on Hindi Diwas

2014. Further, Bank was awarded first
prize for 'B' Region and second prizes for
Region 'A' and 'B' by Reserve Bank of India
(RBI) under the RBI Rajbhasha Shield
Competition.

BML Munjal award in Public Sector

Category for Business Excellence
Through Learning & Development –
2015.[29]
Excellence in Banking (PSU Sector) at
the 5th My FM Stars of the Industry
 Awards recently held in Mumbai on
30.01.2015
National Prize – First Rank in Innovative
Training Practices for the year 2014
from ―Indian Society for Training and
Development‖ (ISTD).
Golden Peacock National Training
Award for the year 2014 under the aegis
of Institute of Directors, New Delhi.
Champion of Champions Award at the
54th annual ABCI Awards 2015, for 6
Categories- Indian

Language Publication – Bronze; Exhibition

Collateral – Gold; Wall Calendar 2014 –
Silver; Environmental Communication –
Silver; E-Zine – Bronze; Corporate Film –
Gold.

3 Awards at the IBA Banking Technology

Awards 2014 – 15, Winner in Best
Financial Inclusion

Initiative; First Runner up in Training &

Human Resources, E - learning Initiatives;
First Runner up in ―Best Use of Data.

Best Bank - Global Business

Development (Public Sector) & Best
Bank – Overall (Public Sector) Award in
Dun & Bradstreet – Polaris Financial
Technology Banking Awards 2014.
 Skoch Order of Merit in India‘s Best
2014 Financial Inclusion & Deepening
Awards 2014.
ASSOCHAM Social Banking Excellence
Award under Public Sector Banks
category, in recognition of the
significant initiatives being undertaken
by the Bank in social banking sphere.
The Most Efficient Public Sector Bank‘
for the year 2014 by Dalal Street
Investment Journal in the Best PSU‘s of
India Awards‘.[30]

Recent developments
Bank of Baroda acquired the semi
naming rights of Sikanderpur Metro
Station in Gurugram. This is the first
time that a public sector bank has
bagged the naming right of a metro
station.[31] They followed a similar
approach with Mumbai Metro where
Andheri metro station has been named
as Bank of Baroda Andheri[32]
Bank of Baroda sealed a 3-year principal
sponsorship contract with Olympics
2016 Women's badminton Silver
medalist PV Sindhu and India's No 1
ranked Men's Badminton player K
Srikanth.[33]
Bank of Baroda became the first
National Supporter (Indian sponsor) of
 the FIFA U-17 World Cup India 2017, the
first football World Cup to be hosted in
India[34]
After the merger of Dena bank and
Vijaya Bank with Bank of Baroda
effective April 1, 2019 it has become the
India's third largest lender behind SBI
and ICICI bank.[35]

Controversy
On the 4 September 2017 the bank was
fined ₹ 11 million (equivalent to
US$837,000) by the South Africa Financial
Intelligence Centre for flouting anti-
corruption laws in transactions on
accounts owned by the Gupta family.[36]
Following the flagging of 36 suspicious
transactions through Gupta family owned
accounts over a ten-month period valued
at ₹4.2 billion the bank tried to close the
accounts.[37] The Gupta family has filed an
interdict against the bank to prevent it
from closing their accounts.[38] During
February 2018, it was announced that the
Bank of Baroda has given notification to
the South African Reserve Bank that it will
be exiting the country.[39]

See also
Indian banking
IndiaFirst Life Insurance Co. Ltd.[40]
 H. H. Sayajirao Gaekwad
List of banks in India
Indian Financial System Code
Baroda
Bank of Baroda (Uganda)

References
1. "Contact Us" . Bank of Baroda.
Retrieved 16 March 2019.
2. "Offices & Branches" . Bank of Baroda.
Retrieved 16 March 2019.
3. "Board of Directors" . Bank of Baroda.
Retrieved 16 March 2019.
4. "Abridged Annual Report 2018" (PDF).
Bank of Baroda. Retrieved 16 March
 2019.
5. "Bank of Baroda" . Forbes. Retrieved
3 April 2015.
6. "Resilience to help Bank of Baroda
stay a step ahead of peers" .
Economictimes. 30 July 2010.
Retrieved 28 April 2012.
7. "Technology is revolutionising supply-
chain finance" . The Economist. 12
October 2017.
8. "Bank of Baroda Branches" .
bankifsccodes.co.in. Retrieved 9 May
2014.
9. "Bank of Baroda, Vijaya Bank, Dena
Bank send merger proposal for govt
 nod" . Economic Times. Retrieved
9 October 2018.
10. "About us - The Heritage" . Bank of
Baroda. Retrieved 27 March 2013.
11. Tiwari, Dheeraj (18 April 2017). "After
SBI merger, now Punjab National Bank
and Bank of Baroda may take over
smaller lenders" . The Economic
Times. Retrieved 27 January 2018.
12. "Bank of Baroda - India's International
Bank - About Us - The Heritage" .
bankofbaroda.com. Retrieved 26 June
2017.
13. "The Heroes" . Bank of Baroda.
Retrieved 13 September 2013.
14. "About Us" . Bank of Baroda New
Zealand Ltd. Retrieved 14 October
2017.
15. "Bank of Baroda Branches - New
Zealand" . Banks in New Zealand.
2017. Retrieved 14 October 2017.
16. "Bank of Baroda, Vijaya Bank and Dena
Bank to be merged" . The Economic
Times. 18 September 2018. Retrieved
14 March 2019.
17. "Vijaya Bank, Dena Bank merger with
BoB to be effective from April 1; here's
the share exchange plan" . Business
Today. Retrieved 14 March 2019.
18. "Amalgamation of Bank of Baroda,
Vijaya Bank and Dena Bank" .
bankofbaroda.com. Retrieved 5 April
2019.
19. "Bank of Baroda is now third largest
lender as Dena, Vijaya merger take
effect" . Livemint. 31 March 2019.
Retrieved 31 March 2019.
20. "Merger impact: Bank of Baroda looks
to rationalise 800-900 branches" .
Mint. 19 May 2019. Retrieved 19 May
2019.
21. "Contact Us" . BOB Capital Markets
Ltd. Retrieved 3 February 2011.
22. "BOB Capital to begin e-broking by
March-end" . Business-standard.com.
9 September 2008. Retrieved
3 February 2011.
23. "India's International Bank -
International" . Bank of Baroda.
Retrieved 3 April 2015.
24. "India's International Bank - Branch
Locator - Overseas Branches -
Mauritius" . Bank of Baroda. Retrieved
13 September 2013.
25. anurag. "IndiaFirst Life Insurance
becomes the 23rd life insurer in
India" . Banknet India. Archived from
 the original on 3 October 2011.
Retrieved 13 September 2011.
26. "IndiaFirst new business premium
crosses Rs 200 crore-Finance-
Banking/Finance-News By Industry-
News-" . The Economic Times. 5 April
2010. Retrieved 28 April 2010.
"IndiaFirst Life today said it has
collected first year premium of over Rs
200 crore in just four and half months
since the insurance company became
operational."
27. "IndiaFirst Life Insurance to begin
operations by Dec" . The Hindu
 BusinessLine. 10 November 2009.
Retrieved 28 April 2010.
28. "IndiaFirst Life eyes Rs 100 crore" .
dnaindia.com. 26 December 2009.
Retrieved 28 April 2010.
29. "BML MUNJAL AWARDS" .
bmlmunjalawards.com. Retrieved
4 June 2018.
30. "PSU awards 2014" . dsij.in. Retrieved
4 June 2018.
31. "Bank of Baroda gets semi-naming
rights for Sikanderpur metro station" .
Business Line.
32. "Andheri Metro station renamed to
Bank of Baroda Andheri Metro
 station" . Freepressjournal : Latest
Indian news,Live updates. Retrieved
1 April 2019.
33. "Bank of Baroda endorses PV Sindhu,
K Srikanth" . The Economic Times.
34. "Bank of Baroda becomes first
national supporter for the FIFA U-17
World Cup India 2017" . FIFA.
35. Agarwal, Nikhil (31 March 2019).
"Dena Bank, Vijaya Bank merges with
Bank of Baroda: 10 things to know" .
Mint. Retrieved 1 April 2019.
36. "FIC fines Bank of Baroda for flouting
anti-corruption laws" . Moneyweb. 4
 September 2017. Retrieved
14 September 2017.
37. Marrian, Natasha (11 September
2017). "How Bank of Baroda was
overwhelmed by suspicious Gupta-
linked accounts" . Business Day.
Retrieved 14 September 2017.
38. Cowan, Kyle (8 September 2017).
"Judgment day for Guptas' Baroda
bank accounts" . Sunday Times.
Retrieved 14 September 2017.
39. "Bank of Baroda is leaving South
Africa" .
40. "Life Insurance|term plan|investment
plans - IndiaFirst Life Insurance" .
 Indiafirstlife.com. Retrieved
13 September 2013.

Further reading
Tripathi, Dwijendra and Priti Misra
(1985). Towards a New Frontier: History
of the Bank of Baroda, 1908–1983. (New
Delhi, India: Manohar), SAYEED INDIAN.

External links
Media related to Bank of Baroda at
Wikimedia Commons

Official website
Retrieved from
"https://en.wikipedia.org/w/index.php?
title=Bank_of_Baroda&oldid=901279636"

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