Bank of Baroda
Introduction:
Bank of Baroda (BOB) is an Indian multinational, public sector banking and financial services company. It is the third largest public sector bank in India, with 131 million customers, a total business of US$218 billion, and a global presence of 100 overseas offices. Based on 2019 data, it is ranked 1145 on Forbes Global 2000 list.
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 Rs14.82 trillion (short scale), making it the third largest bank after State Bank of India (SBI) and ICICI Bank.
The Maharaja of Baroda, Maharaja Sayajirao Gaekwad III, founded the bank on 20 July 1908 in the Princely State of Baroda, in Gujarat.[The Government of India nationalized the bank, along with 13 other major commercial banks of India on 19 July 1969; the bank has been designated as a profit-making public sector undertaking (PSU).
History:
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.[9] 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 big 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.