What is the full form of BOB?
The BOB full form is Bank of Baroda. It is a worldwide investment bank and financial institution based in India. Its headquarters are located in Vadodara, Gujarat, India. Its corporate office is located in Mumbai. Currently, it has a nationwide network of 3,454 branches and 86 overseas branches.
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History of BOB
- The BOB was founded on 20 July 1908 by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad (III).
- It opened branches in Mombasa and Kampala in 1953. In 1957, it opened a branch in London.
- It acquired Hind Bank in 1958, marking the institution’s first domestic acquisition.
- In 1961, the New Citizen Bank of India and BOB merged.
- In 1963, it acquired Surat Banking Corporation in Surat, Gujarat. In 1965, it opened its first branch in Guyana.
- The Indian government nationalized it on July 19, 1969, and it is known as a PSU (profit-making public sector undertaking).
- It acquired the Bank of India’s business in Uganda in 1972 and opened subsidiaries in Dubai and Abu Dhabi within two years.
- In 1980, it established a registered office in Sydney, Australia, as well as a subsidiary in Bahrain.
- Initial Public Offerings approached the stock market in 1996.
- In 2006, it established an OBU (Offshore Banking Unit) in Singapore.
BOB’s Main Facilities
- Retail banking encompasses deposits, loans, debit and credit card services, Demat facilities, etc.
- Rural and agri-banking include agricultural loans, locking services, deposits, etc. for residential consumers and agriculture-related industries.
- Corporate banking includes project financing, foreign currency loans, working capital financing, and private industry treasury products.
- SME banking encompasses the products and services of the SME sector.
- Wealth Management provides insurance and mutual fund companies with wealth management facilities.
