Public Sector Banks of India: Bank of Baroda: MD/CEO, HQ & Taglines

By Jyoti Bisht|Updated : March 11th, 2022

Bank of Baroda is a banking and financial services company under the ownership of the Ministry of Finance. It is currently the third-largest bank in India. Read the full article to know more. In this article, we have discussed the Bank of Baroda's History, Facts, and Recent Updates.

 

About Bank of Baroda 

  • Bank of Baroda is an Indian state-owned International banking and financial services company.
  • Headquarters of Bank of Baroda: Vadodara.
  • It has a corporate office in Mumbai.
  • It is the second-largest Government sector bank in India, next to the State Bank Of India (SBI).
  • It is the third-largest government-owned bank in India with 132 million customers, a total business of US$218 billion, and a global presence of 100 overseas offices.
  • It is ranked 1145 on the Forbes Global 2000 list.

History of Bank of Baroda

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  • Bank of Baroda (BoB) was founded by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III on 20 July 1908.
  • Bank of Baroda along with 13 other major commercial banks of India, was nationalized on 19 July 1969, by the Government and has been designated as a profit-making public sector undertaking (PSU).
  • First Branch of BoB: Mandvi, Baroda.
  • BoB acquired the New Citizen Bank of India in 1961.
  • BoB acquired Traders Bank, which had a network of 34 branches in Delhi in 1988.
  • BoB Bank entered the capital market in December with an Initial Public Offering (IPO) in 1996.

 

Mega-Merger

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Bank of Baroda (BoB) has become India's third-largest bank after its merger with Dena Bank and Vijaya Bank came into effect on 1 April 2019. The merged entity has nearly 9,500 branches as Dena Bank and Vijaya Bank will help BoB increase its reach in the western, southern, and north-eastern regions.

  • Largest PSB: State Bank of India
  • Second Largest PSB: Punjab National Bank, after being merged with Oriental Bank of Commerce and United Bank of India
  • Third Largest PSB: Bank of Baroda (After being merged with Vijaya Bank and Dena Bank).

Board of Directors, Head Quarters, & Logo

Board of Directors:

Non-Executive ChairmanDr Hasmukh Adhia
MD & CEOShri Sanjiv Chadha

Head Quarters:

Head Office1 (Vadodara)
Corporate Office1 (Mumbai)
Zonal Offices18
Regional Offices148
Total Domestic Branches/Offices8185
Total Overseas Branches/Offices95

 Logo:

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Bank of Baroda logo comprises dual ‘B’ letterforms that hold the rays of the rising sun. It is called the Baroda Sun. The Sun is the single most powerful source of light and energy similarly, Bank of Baroda seeks to be a one-stop reliable partner for its customers. The single-color, the compelling vermillion palette has been carefully chosen, for its distinctiveness as it stands for hope and energy.

International Bank of India

Bank of Baroda started its overseas journey by opening its first branch way back in 1953 in Mombassa, Kenya. Since then the Bank has come a long way in expanding its international network to 24 countries to serve NRls/PIOs, Indian Corporates around the world, and to meet the banking requirements of the local population in the country of operation. The Bank has transformed into 'India's International Bank.'

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Branches in foreign countries
  • Australia
  • Belgium
  • China
  • Fiji Islands
  • Hong Kong
  • International Banking Unit(IBU)
  • Mauritius
  • Republic of South Africa
  • Seychelles
  • Singapore
  • Sultanate of Oman
  • United Arab Emirates
  • The United States Of America
Subsidiaries in foreign countries
  • Botswana
  • Guyana
  • Kenya
  • New Zealand
  • Tanzania
  • Trinidad & Tobago
  • Uganda
  • UK
Joint Venture in foreign countries
  • Malaysia
  • Zambia

Subsidiaries & Associates

Depending on the level of ownership an entity has in a connected business, it may be termed as an affiliate, associate, or subsidiary of a parent company.

  • Associate:  A company whose parent only possesses a minority stake in the ownership of the company.
  • Subsidiary: A business whose parent holds a majority stake or is a majority shareholder of 50% or more of all shares. 

Domestic Subsidiary

  1. Baroda Trustee India Private Limited (Formerly known as Baroda Pioneer Trustee Company Pvt. Limited)
  2. Baroda Asset Management India Limited (Formerly known as Baroda Pioneer Asset Management Company Limited)
  3. Baroda Global Shared Services Limited
  4. BOB Financial Solutions Limited
  5. BOB Capital Markets Ltd.
  6. Nainital Bank Ltd.

Domestic Joint Venture Company (J.V.)

  • IndiaFirst Life Insurance Company Limited
  • India Infradebt Ltd.

Domestic Associate

  • Baroda-UP Gramin Bank External website that opens in a new window.
  • Baroda Rajasthan Gramin Bank External website that opens in a new window.
  • Baroda Gujarat Gramin Bank External website that opens in a new window.

Overseas Subsidiary

  • Bank of Baroda (Botswana) Ltd.
  • Bank of Baroda (Kenya) Ltd.
  • Bank of Baroda (Uganda) Ltd.
  • Bank of Baroda (Guyana) Inc.
  • Bank of Baroda (New Zealand) Ltd.
  • Bank of Baroda (Tanzania) Ltd.
  • Bank of Baroda (UK) Ltd.

Overseas Associate

  • Indo-Zambia Bank Ltd. (Lusaka)
  • India International Bank Malaysia Berhad

Awards 2020 & 2021

  • At Gujarat University's 5th International Youth Symposium, the Bank of Baroda Apex Academy Research Team won third place in the Technology category for their work on the theme 'Technological Development in Banking and Payment Systems.
  • The 'Golden Peacock HR Excellence Award' for Excellence in Human Resources Management has been given to the Bank of Baroda for the year 2020.
  • HCM Excellence Award 2019 - Best Use of Mobile Learning, Brandon Hall.
  • Shri Amit Shah, Union Minister of Home Affairs, bestowed the Rajbhasha Kirti award to the Bank of Baroda for the year 2018-19.

Interest Rate:

Baroda Home Loan6.50% onwards
Baroda Personal Loan10.50% onwards

Savings Bank Deposits

(Interest Rate (w.e.f. 25/02/2022)

  • Saving Deposits Balance up to Rs. 1/- Lakh-2.75%
  • Saving Deposits Balance above Rs. 1/- Lakh-2.75%

Bank of Baroda Recent News:

  • According to PTI, the lender's gross domestic advances increased 3.36 percent year on year (y-o-y) to Rs 6,54,315 crore in the quarter ended December 2021. Domestic loan growth, on the other hand, increased by 5% sequentially.
  • According to Managing Director and CEO Sanjiv Chadha, the bank faced some difficulty in the first quarter due to the impact of the COVID-19 epidemic, but things have improved since the second quarter.
  • The net interest margin, a crucial profitability metric, was 3.13 percent in the December quarter, compared to 2.77 percent the previous year. The difference between interest earned and interest expended, or net interest income (NII), increased 14.4% to Rs 8,552 crore.
  • BANK OF BARODA has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 05/02/2022, inter alia, to consider and approve Q3(FY2021-22) Financial Results.

Read related articles:  

Public Sector Banks of India: Canara Bank: MD/CEO, HQ & Taglines
Reserve Bank of India Governors: From 1935 to Present
Bank of India (BOI): MD/CEO, Head Office & Taglines

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FAQs

  • The headquarter of Bank of Baroda is in Vadodara

  • With an Initial Public Offering (IPO) in December 1996, BoB entered the capital market.

  • State Bank of India is the largest PSB.

  • Bank of Baroda began its international expansion in 1953 when it opened its first branch in Mombassa, Kenya.

  • The Bank of Baroda logo is made up of two ‘B' letterforms that hold the sun's rays.

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