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 at 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.
- Retail Banking: In includes loans, deposits, debit card, credit card, 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 SME sector.
- Wealth Management: It provides wealth management services to companies in the field of insurance and mutual funds.
- 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).