 | |
| Company type | Public |
|---|---|
| ISIN | INE028A01039 |
| Industry | |
| Founded | 20 July 1908; 117 years ago (1908-07-20) |
| Founder | Sayajirao Gaekwad III |
| Headquarters | , India[1] |
Number of locations | 8,400+ Branches 10,000+ ATMs & CRs (September 2025) |
Area served | India & Worldwide |
Key people |
|
| Products | |
| Revenue |  ₹12,710,131 lakh (US$15 billion)[3] (2023) |
| ₹2,488,961 lakh (US$2.9 billion)[3] (2023) | |
| ₹1,778,878 lakh (US$2.1 billion)[3] (2023) | |
| Total assets | ₹158,579,709 lakh (US$190 billion)[3] (2023) |
| Total equity | ₹11,222,358 lakh (US$13 billion)[3] (2023) |
| Owner | Government of India (63.97%) |
Number of employees | 73,742[4] (2025) |
| Capital ratio | 14.99% |
| Website | bankofbaroda |
| Footnotes / references [5][6] | |
Bank of Baroda (BOB orBoB) is anIndian public sector bank headquartered inVadodara,Gujarat. It is the second largest public sector bank in India afterState Bank of India. Based on 2025 data, it is ranked 455 on theForbes Global 2000 list.[7][8][9]
TheMaharaja of Baroda,Sayajirao Gaekwad III, founded the bank on 20 July 1908 in theprincely state ofBaroda, in Gujarat.[10] TheGovernment of Indianationalized the Bank of Baroda, along with 13 other major commercial banks of India, on 19 July 1969 and the bank was designated as a profit-makingpublic sector undertaking (PSU).
In 1908,Sayajirao Gaekwad III, set up the Bank of Baroda (BoB),[11] with other stalwarts of industry such as Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thakersey, Lallubhai Samaldas, Tulsidas Kilachand and NM Chokshi.[12] Two years later, BoB established its first branch inAhmedabad. The bank grew domestically until after World War II. Then in 1953 it crossed the Indian Ocean to serve the communities ofIndians in Kenya andIndians in Uganda by establishing a branch each inMombasa andKampala. The next year it opened a second branch in Kenya, inNairobi, and in 1956 it opened a branch in Tanzania atDar-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.[citation needed]
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In 1961, BoB acquired New Citizen Bank of India. This merger helped it increase its branch network inMaharashtra. BoB also opened a branch in Fiji. The next year it opened a branch in Mauritius
In 1963, BoB acquired Surat Banking Corporation inSurat, Gujarat. The next year BoB acquired two banks: Umbergaon People's Bank in southernGujarat and Tamil Nadu Central Bank inTamil Nadu state.
In 1965, BoB opened a branch in Guyana. That same year BoB lost its branch inNarayanganj (East Pakistan) due to theIndo-Pakistani War of 1965. It is unclear when BoB had opened the branch. In 1967 it suffered a second loss of branches when the Tanzanian government nationalised BoB's three branches there at (Dar es Salaam,Mwanga, andMoshi), and transferred their operations to the Tanzanian government-ownedNational Banking Corporation.
In 1969, the Indian government nationalised 14 top banks including BoB. BoB incorporated its operations in Uganda as a 51% subsidiary, with the government owning the rest.
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In 1972, BoB acquiredBank of India's operations in Uganda. Two years later, BoB opened a branch each inDubai andAbu Dhabi.
Back in India, in 1975, BoB acquired the majority shareholding and management control of Bareilly Corporation Bank (est. 1954) andNainital Bank (est. in 1922), both inUttar Pradesh and Uttarakhand respectively. Since then, Nainital Bank has expanded toUttarakhand, Uttar Pradesh, Haryana, Rajasthan and Delhi state. Right now BoB have 99% shareholding in Nainital Bank.
International expansion continued in 1976 with the opening of a branch in Oman and another inBrussels. The Brussels branch was aimed at Indian firms fromMumbai (Bombay) engaged in diamond cutting and jewellery having business inAntwerp, a major center fordiamond cutting.
Two years later, BoB opened a branch in New York and another in the Seychelles. Then in 1979, BoB opened a branch in Nassau, the Bahamas.
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In 1980, BoB opened a branch in Bahrain and a representative office in Sydney, Australia. BoB,Union Bank of India andIndian Bank established IUB International Finance, a licensed deposit taker, in Hong Kong. Each of the three banks took an equal share. Eventually (in 1999), BoB would buy out its partners.
A second consortium or joint-venture bank followed in 1985. BoB (20%),Bank of India (20%),Central Bank of India (20%) and ZIMCO (Zambian government; 40%) establishedIndo-Zambia Bank inLusaka. That same year BoB also opened an Offshore Banking Unit (OBU) in Bahrain (Gulf).
Back in India, in 1988, BoB amalgamated Traders Bank (established 1947 in Delhi), that had a network of 34 branches in Delhi. The Reserve Bank had mandated the amalgamation.
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In 1992, BoB opened an OBU in Mauritius, but closed its representative office in Sydney. The next year BoB took over the London branches ofUnion Bank of India andPunjab & Sind Bank (P&S). P&S's branch had been established before 1970 and Union Bank's after 1980. TheReserve Bank of India ordered the takeover of the two following the banks' involvement in the Sethia fraud in 1987 and subsequent losses.
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In 1996, BoB Bank entered the capital market in December with aninitial public offering (IPO). The government of India is still the largest shareholder, owning 66% of the bank's equity.
In 1997, BoB opened a branch inDurban. The next year BoB bought out its partners in IUB International Finance in Hong Kong. Apparently this was a response to regulatory changes following Hong Kong's reversion to the People's Republic of China. The now wholly owned subsidiary became Bank of Baroda (Hong Kong), a restricted license bank. BoB also acquired Punjab Cooperative Bank in a rescue. BoB incorporate a wholly–owned subsidiary,BOB Capital Markets, for broking business.
In 1999, BoB merged in Bareilly Corporation Bank in another rescue. At the time, Bareilly had 64 branches, including four inDelhi. In Guyana, BoB incorporated its branch as a subsidiary, Bank of Baroda Guyana. BoB added a branch in Mauritius and closed its Harrow Branch in London.
In 2000 BoB established Bank of Baroda (Botswana). The bank has three banking offices, two in Gaborone and one in Francistown. In 2002, BoB converted its subsidiary in Hong Kong from deposit taking company to a Restricted License Bank.[citation needed]
In 2002 BoB acquired Benares State Bank (BSB) at the Reserve Bank of India's request. BSB had been established in 1946 but traced its origins back to 1871 and its function as the treasury office of the Benares state. In 1964 BSB had acquired Bareilly Bank (est. 1934), with seven branches in western districts of Uttar Pradesh; BSB also had taken over Lucknow Bank in 1968. The acquisition of BSB brought BoB 105 new branches. Lucknow Bank, a unit bank with its only office in Aminabad, had been established in 1913. Also in 2002, BoB listedBank of Baroda (Uganda) on theUganda Securities Exchange (USE). The next year BoB opened an OBU inMumbai.[citation needed]
In 2004 BoB acquired the failed south Gujarat Local Area Bank. BoB also returned to Tanzania by establishing a subsidiary inDar-es-Salaam. BoB also opened a representative office each inKuala Lumpur, Malaysia, andGuangdong, China.[citation needed]
In 2005 BoB built a Global Data Centre (DC) inMumbai for running its centralised banking solution (CBS) and other applications in more than 1,900 branches across India and 20 other counties where the bank operates. BoB also opened a representative office in Thailand.[citation needed]
In 2006 BoB established an Offshore Banking Unit (OBU) in Singapore.[citation needed]
In 2007, its centenary year, BoB's total business crossed 2.09 trillion (short scale), its branches crossed 2000, and its global customer base 29 million people. In Hong Kong, Bank got Full Fledged Banking license and business of its Restricted License Banking subsidiary was taken over Bank of Baroda branch in Hong Kong w.e.f.01.04.2007.[citation needed]
In 2008 BoB opened a branch inGuangzhou, China (02/08/2008) and in Kenton, Harrow United Kingdom. BoB opened a joint venture life insurance company withAndhra Bank andLegal & General (UK) called IndiaFirst Life Insurance Company.[citation needed]
In 2009 Bank of Baroda (New Zealand) was registered.[13] As of 2017[update] BoB (NZ) has 3 branches: two in Auckland, one in Wellington.[14]
In 2010 Malaysia awarded a commercial banking licence to a locally incorporated bank to be jointly owned by Bank of Baroda,Indian Overseas Bank andAndhra Bank.[citation needed]
In 2011 BoB opened an Electronic Banking Service Unit (EBSU) at Hamriya Free Zone, Sharjah (UAE). It also opened four new branches in existing operations in Uganda, Kenya (2), and Guyana. BoB closed its representative office in Malaysia in anticipation of the opening of its consortium bank there. BoB received 'In Principle' approval for the upgrading of its representative office in Australia to a branch. Bob also acquired Mumbai-based Memon Cooperative Bank, which had 225 employees and 15 branches in Maharashtra and three in Gujarat. It had to suspend operations in May 2009 due to its precarious financial condition.[citation needed]
The Malaysian consortium bank, India International Bank Malaysia (IIBM), finally opened in Kuala Lumpur, which has a large population of Indians. BOB owns 40%, Andhra Bank owns 25%, and IOB the remaining 35% of the share capital. IIBM seeks to open five branches within its first year of operations in Malaysia, and intends to grow to 15 branches within the next three years.[citation needed]
On 17 September 2018, the government of India proposed the merger ofDena Bank andVijaya Bank with the Bank of Baroda, pending approval from the boards of the three banks, effectively creating the third largest lender in the country.[15] The merger was approved by the Union Cabinet and the boards of the banks on 2 January 2019. Under the terms of the merger, Dena Bank and Vijaya Bank shareholders received 110 and 402 equity shares of the Bank of Baroda, respectively, of face value₹2 for every 1,000 shares they held. The merger came into effect on 1 April 2019.[16] Post-merger, the Bank of Baroda is the third largest bank in India, afterState Bank of India andHDFC Bank. The consolidated entity has over 9,500 branches,[17] 13,400 ATMs, 85,000 employees and serves 120 million customers.[18] 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.[19] Post-merger effective 1 April 2019, the bank has become the India's third largest lender behind SBI and ICICI Bank.[20]
Bank of Baroda announced in May 2019 that it would either close or rationalise 800–900 branches to increase operational efficiency and reduce duplication post-merger. The regional and zonal offices of the merged companies would also be closed.PTI quoted an unnamed senior bank official as stating that Bank of Baroda would look to expand in eastern India as it already had a strong presence in the other regions.[21]
Source:[6]
Source:[6]
Source:[6]
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The shareholding structure of the bank as of 30 June 2025[update] is as follows:[25]
| Shareholders | Shareholding % |
|---|---|
| Government of India | 63.93% |
| Mutual Funds | 8.61% |
| Foreign Holding | 12.27% |
| Indian Public | 7.76% |
| Others | 7.4% |
The bank has 107 branches/offices in 24 countries (excluding India) including 61 branches/offices of the bank, 38 branches of its 8 subsidiaries and 1 representative office inThailand. The Bank of Baroda has a joint venture inZambia with 16 branches.[26]
Among the Bank of Baroda's overseas branches are ones in the world's major financial centres (e.g.,New York,London,Dubai,Hong Kong,Brussels andSingapore), as well as a number in other countries. The bank is engaged in retail banking via the branches of subsidiaries inBotswana,Guyana,Kenya,Tanzania, andUganda. The bank plans has recently upgraded its representative office inAustralia to a branch and set up a joint venture commercial bank inMalaysia. It has a large presence inMauritius with about nine branches spread out in the country.[27]
The Bank of Baroda has received permission or in-principle approval from host country regulators to open new offices inTrinidad and Tobago andGhana, where it seeks to establish joint ventures or subsidiaries. The bank has receivedReserve Bank of India approval to open offices in theMaldives, andNew Zealand. It is seeking approval for operations inBahrain,South Africa,Kuwait,Mozambique, andQatar, and is establishing offices inCanada,New Zealand,Sri Lanka,Bahrain,Saudi Arabia, andRussia. It also has plans to extend its existing operations in theUnited Kingdom, theUnited Arab Emirates, andBotswana.[citation needed]
The tagline of Bank of Baroda is "India's International Bank".[citation needed]
IndiaFirst Life Insurance Company is a joint venture between Bank of Baroda (44%) and fellow Indian state-owned bankAndhra Bank (30%), and UK's financial and investment companyLegal & General (26%).[28] It was incorporated in November 2009 and has its headquarters in Mumbai.[28] The company started strongly, achieving a turnover in excess of₹ 2 billion in its first four and half months.[29][30][31]
On 4 September 2017 theSouth Africa Financial Intelligence Centre fined Bank of Baroda₹ 11 million (equivalent to US$837,000) for flouting anti-corruption laws in transactions on accounts owned by theGupta family.[36] Following the flagging of 36 suspicious transactions through Gupta-family-owned accounts over a ten-month period valued at₹4.2 billion, the bank tried to close the accounts.[37] The Gupta family has filed an interdict against the bank to prevent it from closing their accounts.[38] During February 2018, it was announced that the Bank of Baroda has given notification to theSouth African Reserve Bank that it will be exiting the country.[39]
The bank played a crucial role in the Gupta family's business dealings.[40] According to a report by the Organized Crime and Corruption Reporting Project (OCCRP), the Bank of Baroda allowed the Gupta family to move millions of dollars in alleged corrupt business transactions to offshore accounts.[41] Although the Bank of Baroda denies the illicit behavior, the documents report that the bank's South African branch issued unapproved loan guarantees, ignored internal compliance efforts, and averted regulators from learning about suspicious transactions in a way that benefited the Guptas’ network.[40] Around 4.5m Rand has circulated around a handful of Gupta-associated companies between 2007 and 2017.[41] Due to the volume of Gupta owned accounts, the majority of the bank's transactions inJohannesburg involved Gupta family funds.[40]
Reports reveal that inter-company loans provided an untraceable and inexplicable technique used by the Gupta brothers to transfer money from the Bank to various Gupta-owned companies like Trillion Financial Advisory and Centaur Mining. Thesuspicious activity reports (SARs) filed by workers at the Bank of Baroda related to Gupta transactions were often voided by managers and higher-level bank officials.[41] Most SARs failed to reach theSouth African Financial Intelligence Centre as a result.[citation needed]
IndiaFirst Life today said it has collected first year premium of over Rs 200 crore in just four and half months since the insurance company became operational.
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