Bank of Baroda

Bank of Baroda
Bank of Baroda
Type Traded as Industry Founded Public BSE:532134 [1]

Banking, Financial services 1908

Headquarters Vadodara, India Mumbai, india Area served Key people Worldwide M. D. Mallya (Chairman & MD) Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management 25800 crore (US$5.68 billion) (2011) [2] [3] [4]

Products

Revenue Net income Total assets Website

4433 crore (US$975.26 million) (2011)

355826 crore (US$78.28 billion) (2011) www.bankofbaroda.com [5]

Bank of Baroda (BoB) (BSE:532134 [1]) (Hindi: ) is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank.[6] 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.[7] 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.

Bank of Baroda

International presence
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. [8] Among the Bank of Barodas 85 overseas branches are ones in the worlds 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".

History
1908-1959
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. 1959: 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 in Surat, Gujarat. 1964: BoB acquired two banks, Umbergaon Peoples Bank in southern Gujarat and Tamil Nadu Central Bank in Tamil Nadu 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 Guyana. 1967: The Tanzanian government nationalized BoBs 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.

Bank of Baroda

1970s
1972: BoB acquired The Bank of Indias 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), both in Uttar Pradesh. Since then, Nainital Bank has expanded to 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 a branch in New York and another in the Seychelles. 1979: BoB opened a branch in Nassau, the Bahamas.

1980s
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 (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&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. 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 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 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 Delhi. In Guyana, BoB incorporated its branch as a subsidiary, Bank of Baroda Guyana. BoB added a branch in Mauritius, but closed its Harrow Branch in London.

Bank of Baroda

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 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 Thailand. 2006: BoB established an Offshrore Banking Unit (OBU) in Singapore. 2007: In its centenary year, BoBs 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 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
2010: Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda, Indian Overseas Bank and Andhra Bank. 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 Zealand

Subsidiaries
BOB Capital Markets Ltd. (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 & acquisition, project appraisal and loan syndication.

Bank of Baroda financials 2012

Sales Rs. 24,695 crores Profits Rs. 4,241 crores Assets Rs. 3,58,397 crores

Bank of Baroda

References
[1] [2] [3] [4] [5] [6] http:/ / www. bseindia. com/ bseplus/ StockReach/ AdvanceStockReach. aspx?scripcode=532134 http:/ / www. bseindia. com/ bseplus/ StockReach/ AdvanceStockReach. aspx?scripcode=532134 http:/ / www. bseindia. com/ bseplus/ StockReach/ AdvanceStockReach. aspx?scripcode=532134 http:/ / www. bseindia. com/ bseplus/ StockReach/ AdvanceStockReach. aspx?scripcode=532134 http:/ / www. bankofbaroda. com/ 28 May 2010, 04.34PM IST,ET Now (2010-05-28). "Growth potential for Bank of Baroda is pretty high: Arihant Capital Markets Views/Recommendations - Stocks - Markets - The Economic Times" (http:/ / economictimes. indiatimes. com/ Views/ Recommendations/ articleshow/ 5985388. cms). Economictimes.indiatimes.com. . Retrieved 2010-08-20. [7] http:/ / www. bankofbaroda. com/ download/ PressReleaseJuly11. pdf [8] "India's International Bank - About Us" (http:/ / www. bankofbaroda. com/ aboutus. asp). Bank of Baroda. . Retrieved 2010-07-16. [9] "Contact Us - BOB Capital Markets Ltd" (http:/ / www. bobcapitalmarkets. com/ contact-us. asp). Bobcapitalmarkets.com. . Retrieved 2011-02-03. [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. 2008-09-09. . Retrieved 2011-02-03.

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 (http://www.bankofbaroda.com/)

Article Sources and Contributors

Article Sources and Contributors

Bank of Baroda Source: http://en.wikipedia.org/w/index.php?oldid=479638904 Contributors: Aaditya 7, Abhinav619, Abhishek191288, Acad Ronin, Addihockey10, Ahoerstemeier, Armaan Bhati, Arsenikk, Avinash hn, Avinash.goenka, Avnita, BD2412, Bankhub, Bhadani, Bobo192, Bracknell, Burgundavia, Chanakal, Charles Matthews, Cwlq, DARTH SIDIOUS 2, DMG413, Dbrodbeck, Denistrot, Devanjedi, Dsp13, Edgar5432, Ekabhishek, Feydey, Fsmatovu, GDibyendu, GDonato, Gdo01, GreatWhiteNortherner, Greswik, Gryffindor, Gwernol, Hemanshu, Hmains, Hu12, IanManka, Inzy, Iridescent, JamesBWatson, Jcrlist, Jeremiestrother, John Reaves, Jovianeye, KantSkant, Kintetsubuffalo, Kkm010, Kshitiz.gupta, Kunjan1029, KuwarOnline, Lalit Jagannath, Leitmanp, Luckas Blade, MER-C, Madhava 1947, Maximus Rex, Mboverload, Mellisa Anthony Jones, Mr Accountable, Naidruva, Philip Trueman, Pnm, Rich Farmbrough, Rohitrrrrr, Romper, Rsrikanth05, Rvishnu, SDC, Sardanaphalus, Sarvagyana guru, Sbparashar, Shanedidona, Siddharthmukund, Species8473, Stephan Leeds, Sunil pandya, Swapsshah, Tom Radulovich, Tommy2010, Utpaldasgupta, Vardion, Velella, WikHead, Winodhello, , 116 anonymous edits

Image Sources, Licenses and Contributors

Image:Indian Rupee symbol.svg Source: http://en.wikipedia.org/w/index.php?title=File:Indian_Rupee_symbol.svg License: Public Domain Contributors: Orionist

License
Creative Commons Attribution-Share Alike 3.0 Unported //creativecommons.org/licenses/by-sa/3.0/