What is the full form of BOB

BOB: Bank of Baroda

BOB stands for Bank of Baroda. It is an international banking and financial services company based in India. It is headquartered in Vadodara in Gujarat, India. Its corporate office is located in Mumbai. At present, it has a network of 3454 branches spread throughout the country and 86 branches overseas. At present, as of June 2018, Shri P.S. Jayakumar is the Managing Director and CEO of Bank of Baroda.

Major Services:

• Retail Banking: In includes loans, deposits, debit cards, credit cards, Demat services etc.
• Rural and Agri banking: It includes agricultural loans, locker services, deposits etc., for rural customers and sectors related to agriculture.
• Corporate banking: It includes project finance, foreign currency loans, working capital finance, and treasury products for the corporate sector.
• SME banking: It includes products and services for the SME sector.
• Wealth Management: It provides wealth management services to companies in the field of insurance and mutual funds.

Brief History:

• The Maharaja of Baroda, Maharaja Sayajirao Gaekwad III founded the Bank of Baroda on 20 July 1908.
• In 1953, it established its branches in Mombasa and Kampala.
• In 1957, it opened a branch in London.
• In 1958, it acquired the Hind Bank which was the first domestic acquisition of Bank of Baroda.
• 1n 1961, the New Citizen Bank of India merged with BOB.
• In 1963, it acquired Surat Banking Corporation at Surat in Gujarat.
• In 1965, it opened a branch in Guyana.
• On 19 July 1969, it was nationalized by Govt. of India and recognized as a profit-making public sector undertaking (PSU).
• In 1972, it acquired the operations of Bank of India based in Uganda and after two years opened branches in Dubai and Abu Dhabi.
• In 1980, it opened a representative office in Sydney, Australia and a branch in Bahrain.
• In 1996, it entered the capital market with an Initial Public Offering.
• In 2006, it established an Offshore Banking Unit (OBU) in Singapore.
• In 2011, it opened an Electronic Banking Service Unit (EBSU) at Hamriya Free Zone, Sharjah (UAE).

Shareholding:

Presence on a global scale

(Excluding India) The bank has 38 of its 8 subsidiaries, 61 of its own branches/offices, and 1 representative office in Thailand among its 107 branches/offices spread over 24 nations. In Zambia, a joint venture with 16 branches of The Bank of Baroda exists.

Many of the major financial centres across the world, including New York, London, Dubai, Hong Kong, Brussels, and Singapore, have Bank of Baroda branches. The bank does retail banking through the offices of its subsidiaries in Botswana, Guyana, Kenya, Tanzania, and Uganda. The bank has upgraded its representative office in Australia to a branch and created a joint venture commercial bank in Malaysia.

Allies

A joint venture between UK finance and investment firm Legal & General (26%) and Indian state-owned banks Andhra Bank (30%) and Bank of Baroda (44%) has created IndiaFirst Life Insurance Company. Its corporate headquarters are in Mumbai, where it was formed in November 2009. The business got off to a fantastic start, turning over more than 2 billion in its first 45 months.

Partner banks for the Chillr Mobile app include HDFC Bank and Bank of Baroda. Only funds can be received by non-partner bank customers. All that is required is the beneficiary's mobile number from the remitter's phonebook. Users can use the software to transfer cash to any authorized Chillr account on their phone's address book (mobile number).

Newly Developments

• The semi-naming rights for Gurugram's Sikanderpur metro station were purchased by the Bank of Baroda. So, it is now called the Bank of Baroda Sikanderpur Metro Station. The naming of a metro station has never been awarded to a public sector bank before. They used a similar strategy with the Mumbai Metro, renaming the Andheri metro station "Bank of Baroda Andheri Metro Station".
• V. Sindhu, the 2016 Olympic women's badminton silver medallist, and Srikanth Kidambi, India's top-ranked men's badminton player, signed 3-year major sponsorship agreements with Bank of Baroda.
• In 2017, the FIFA U-17 World Cup in India was held, and Bank of Baroda was the event's 1st Nationwide Proponent (Indian partner/ patron).