What is the full form of BOB?
The full form of BOB is Bank of Baroda. It is an India-based multinational investment bank and financial firm. Its head office is in Vadodara, Gujarat, India. In Mumbai, its corporate office is located. It currently has a network of 3454 branches distributed across the nation and 86 branches in international locations.
A Brief History of BOB
- On 20 July 1908, the Maharaja of Baroda, Maharaja Sayajirao Gaekwad (III), established the BOB.
- It opened its Mombasa & Kampala branches in 1953.
- It launched a London branch in 1957.
- It purchased Hind Bank in 1958, which was Bank of Baroda’s initial domestic takeover.
- The New Citizen Bank of India and BOB combined in 1961.
- It purchased Surat Banking Corporation in Surat, Gujarat, in 1963.
- It opened its first branch in Guyana in 1965.
- It was nationalized by the Indian government on 19 July 1969 and known as a PSU (profit-making public sector undertaking).
- It purchased Bank of India’s Uganda-based operations in 1972, opening subsidiaries in Dubai & Abu Dhabi in two years.
- It launched a registered office in Sydney, Australia, and a subsidiary in Bahrain in 1980.
- In 1996, an Initial Public Offering approached the stock market.
- It set up an OBU (Offshore Banking Unit) in Singapore in 2006.
BOB’s Main Facilities
- Deposits, lending, debit and credit card, Demat facilities and so on. are included in retail banking.
- Agricultural loans, locking services, deposits and so on. are included in rural and agri-banking for residential consumers and sectors relevant to agriculture.
- Project financing, foreign currency loans, working capital financing, and private industry treasury products are included in corporate banking.
- SME banking covers the SME sector’s products and services.
- Wealth Management offers wealth management facilities to insurance and mutual fund firms.
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