Introduction of bank of Baroda:

In 1908, ​Maharaja Sayajirao Gaekwad III​ set up the Bank of Baroda (Bob), with other
stalwarts of industry such as Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thakersey,
Tulsidas Kilachand and NM Chokshi. 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 centre of the British Commonwealth and the most important international banking centre.
In 1958 Bob acquired Hind Bank (Calcutta; est. 1943), which became Bob’s first domestic
acquisition.

Bank of Baroda is an Indian multinational, public sector banking and financial

services company. It is owned by Government of India and headquartered in Vadodara,
Gujarat. It has a corporate office in Mumbai, Maharashtra.

Based on 2017 data, it is ranked 1145 on Forbes Global 2000 list. Bob has total assets in
excess of ₹ 3.58 trillion (making it India’s 2nd biggest bank by assets), a network of 9583
branches in India and abroad, and 10441 ATMs as of July, 2017. 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.
BOB Capital Markets (BOBCAPS) is a SEBI-registered investment banking company based
in Mumbai, Maharashtra. It is a wholly owned subsidiary of Bank of Baroda. 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.

Bob cards 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, Bob cards 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.

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 centre 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-venture 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 Luck now
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 Offshore 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.

In 2008 Bob opened a branch in Guangzhou, China and in Kenton, Harrow United Kingdom.
Bob opened a joint venture life insurance company with Andhra Bank and Legal and
General (UK) called India First Life Insurance Company.

In 2009 Bank of Baroda (New Zealand) was registered. As of 2017 Bob (NZ) has 3 branches:
two in Auckland, one in Wellington.

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. 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. 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. 13,400 ATMs, 85,000 employees and
serves 120 million customers.

Subsidiaries:

BOB Capital Markets (BOBCAPS) is a SEBI-registered investment banking company based

in Mumbai, Maharashtra. It is a wholly owned subsidiary of Bank of Baroda. 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.

Bob cards 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, Bob cards 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.

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.

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".