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Bank of Baroda
Type Public
Traded as BSE: 532134
(http://www.bseindia.com/stock-share-
price/x/y/532134/)
Industry Banking, Financial services
Founded 20 July 1908
Founder(s)
Maharaja Sayajirao Gaekwad
[1]
Headquarters Vadodara (Baroda), India
Area served Worldwide
Key people S S Mundra (Chairman & MD)
Products Credit cards, consumer banking,
corporate banking, finance and
insurance, investment banking,
mortgage loans, private banking, private
equity, wealth management
Revenue
346 billion (US$5.7 billion) (2012)
[2]
Net income 52.48 billion (US$870 million)
(2012)[2]
Total assets 4.574 trillion (US$76 billion)
(2012)[2]
Website www.bankofbaroda.com
(http://www.bankofbaroda.com/)
Bank of Baroda
From Wikipedia, the free encyclopedia
Bank of Baroda (BoB) (Hindi: ) is an
Indian state-owned banking and financial services
company headquartered in Vadodara (earlier known as
Baroda) in Gujarat, India. It is the second-largest bank in
India, after State Bank of India, and offers a range of
banking products and financial services to corporate and
retail customers through its branches and through its
specialised subsidiaries and affiliates. During FY 2012-
13, Its total business was 8,021 billion.
[3]
In addition to
its headquarters 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.
[4][5]
BoB has total assets in excess of
3.58 trillion (short scale), 3,583 billion (long scale), a
network of 4283 branches (out of which 4172
branches
[6]
are in India) and offices, and over 2000
ATMs.
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.
[7]
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).
Bank of Baroda is one of the Big Four banks of India,
along with State Bank of India, ICICI Bank and Punjab
National Bank.
Contents
1 History
1.1 19081959
1.2 1960s
1.3 1972s
1.4 1980s
1.5 1990s
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Maratha Maharaja Sayajirao Gaekwad
III, the founder of Bank of Baroda
1.6 2000s
1.7 2010s
2 Subsidiaries
3 International presence
4 Affiliates
5 Baroda Manipal postgraduate diploma in
banking and finance
6 Bank of Baroda financials 2013
7 See also
8 References
9 Further reading
10 External links
History
19081959
In 1908, Maharaja Sayajirao Gaekwad III, one of the knights of the
Maratha Kingdom, set up the Bank of Baroda (BoB),
[1]
with other
stalwarts of industry such as Sampatrao Gaekwad, Ralph Whitenack,
Vithaldas Thakersey, Tulsidas Kilachand and NM Chokshi.
[8]
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 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 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:
Umbergaon Peoples Bank in southern Gujarat and Tamil Nadu Central Bank in Tamil Nadu state.
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In 1965, BoB opened 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 suffered 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 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.
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 shareholding 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 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 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 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 1990, 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&Ss branch had been
established 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.
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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 Kongs 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. BoB incorporate wholly owned subsidiary
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 Harrow Branch in London.
2000s
2000: BoB established Bank of Baroda (Botswana).
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 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) was listed on the Uganda Securities Exchange (USE).
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 also opened a representative office 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 representative office in Thailand.
2006: BoB established an Offshrore Banking Unit (OBU) in Singapore.
2007: In its centenary year, BoBs total business crossed 2.09 trillion (short scale), its branches crossed
2000, and its global customer base 29 million people.
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.
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. That same year, BoB also opened a branch in New
Zealand.
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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.
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.
Subsidiaries
BOB Capital Markets (BOBCAPS) is a SEBI-registered investment banking company based in Mumbai,
Maharashtra.
[9]
It is a wholly owned subsidiary of Bank of Baroda.
[10]
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.
International presence
In its international expansion, the Bank of Baroda followed the Indian diaspora, especially that of Gujaratis. The
Bank has 101 branches/offices in 24 countries 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.
[11]
Among the Bank of Barodas overseas branches are ones in the worlds 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.
[12]
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 UKs financial and investment company Legal & General (26%).
[13]
It was
incorporated in November, 2009 and has its headquarters in Mumbai.
[13]
The company started strongly, achieving
a turnover in excess of 2 billion in its first four and half months.
[14][15][16]
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Baroda Manipal postgraduate diploma in banking and finance
Bank of Baroda and Manipal University have established the Baroda Manipal School of Banking, which offers a
Postgraduate Diploma in Banking & Finance (PGDBF) from Manipal University.
[17]
The duration of the course is
just one year, after which, successful graduates will join Bank of Baroda as management trainees.
Bank of Baroda financials 2013
Sales 352 billion
Profits 45 billion
Assets 4,496 billion
See also
Indian banking
IndiaFirst Life Insurance Co. Ltd.
[18]
H. H. Sayajirao Gaekwad
List of banks in India
Indian Financial System Code
Baroda
Bank of Baroda (Uganda)
References
1. ^
a

b
"India's International Bank - About Us - The Heritage" (http://www.bankofbaroda.com/heritage.asp). Bank of
Baroda. 20 July 1908. Retrieved 13 September 2013.
2. ^
a

b

c
http://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=532134
3. ^ "India's International Bank - Financials - Quarter/Year ended - March 2013"
(http://www.bankofbaroda.co.in/fin/fin_qtyMar13.asp). Bank of Baroda. Retrieved 13 September 2013.
4. ^ "Growth potential for Bank of Baroda is pretty high: Arihant Capital Markets Views/Recommendations
Stocks Markets" (http://economictimes.indiatimes.com/Views/Recommendations/articleshow/5985388.cms). The
Economic Times. 28 May 2010. Retrieved 20 August 2010.
5. ^ "Resilience to help Bank of Baroda stay a step ahead of peers"
(http://articles.economictimes.indiatimes.com/2010-07-30/news/27587935_1_loan-book-nim-indian-banks).
Economictimes. 30 July 2010. Retrieved 28 April 2012.
6. ^ "India's International Bank - Branch / ATM Locator" (http://www.bankofbaroda.com/branchlocator.asp). Bank
of Baroda. Retrieved 13 September 2013.
7. ^ "About us - The Heritage" (http://www.bankofbaroda.com/heritage.asp). Bank of Baroda. Retrieved 27 March
2013.
8. ^ "The Heros" (http://www.bankofbaroda.co.in/heroes.asp). Bank of Baroda. Retrieved 13 September 2013.
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Further reading
Tripathi, Dwijendra and Priti Misra (1985). Towards a New Frontier: History of the Bank of Baroda,
19081983. (New Delhi, India: Manohar), SAYEED INDIAN.
External links
Media related to Bank of Baroda at Wikimedia Commons
Bank of Baroda website (http://www.bankofbaroda.com/)
Bank of Baroda Hong Kong website (http://www.bankofbaroda.hk/)
Retrieved from "http://en.wikipedia.org/w/index.php?title=Bank_of_Baroda&oldid=618420669"
Categories: Bank of Baroda Banks of India Banks established in 1908 Government-owned banks of India
Companies based in Mumbai Companies nationalised by the Government of India S&P CNX Nifty
9. ^ "Contact Us" (http://www.bobcapitalmarkets.com/contact-us.asp). BOB Capital Markets Ltd. Retrieved 3
February 2011.
10. ^ "BOB Capital to begin e-broking by March-end" (http://www.business-standard.com/india/news/bob-capital-to-
begin-e-broking-by-march-end/333805/). Business-standard.com. 9 September 2008. Retrieved 3 February 2011.
11. ^ "India's International Bank - International" (http://www.bankofbaroda.com/int/index.asp). Bank of Baroda.
Retrieved 13 September 2013.
12. ^ "India's International Bank - Branch Locator - Overseas Branches - Mauritius"
(http://www.bankofbaroda.com/mauritius.asp). Bank of Baroda. Retrieved 13 September 2013.
13. ^
a

b
anurag. "IndiaFirst Life Insurance becomes the 23rd life insurer in India"
(http://www.banknetindia.com/banking/91120.htm). Banknet India. Retrieved 13 September 2011.
14. ^ "IndiaFirst new business premium crosses Rs 200 crore-Finance-Banking/Finance-News By Industry-News-"
(http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/finance/IndiaFirst-new-business-
premium-crosses-Rs-200-crore/articleshow/5763057.cms). 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."
15. ^ "IndiaFirst Life Insurance to begin operations by Dec"
(http://www.thehindubusinessline.com/2009/11/10/stories/2009111051350400.htm). The Hindu BusinessLine. 10
November 2009. Retrieved 28 April 2010.
16. ^ "IndiaFirst Life eyes Rs 100 crore" (http://www.dnaindia.com/money/interview_indiafirst-life-eyes-rs-100-
crore_1327562). dnaindia.com. 26 December 2009. Retrieved 28 April 2010.
17. ^ "Baroda Manipal School of Banking" (http://www.bankofbaroda.com/careers/Manipal.asp). Bank of Baroda.
Retrieved 8 April 2014.
18. ^ "Life Insurance|term plan|investment plans - IndiaFirst Life Insurance" (http://www.indiafirstlife.com).
Indiafirstlife.com. Retrieved 13 September 2013.
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Government-owned companies of India 1908 establishments in India Economy of Vadodara
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