BANK OF BARODA Share price

HISTORY AND CERTAIN CORPORATE MATTERSWe were incorporated on July 20 1908 under the Baroda Companies Act 1897 as "Bank of Baroda Limited" with a paid up capital of Rs. 1 million. Maharaja Sayajirao III of Baroda was our founder.Pre NationalizationUpon attaining Independence Bank of Baroda with 48 branches was still essentially a regional bank. Between 1953 and 1958 30 new offices were opened and pursuant to certain strategic mergers between 1958 to 1965 the network of the Bank was extended over 234 branches.In 1953 the Bank opened its first overseas branch at Mombasa Kenya. During the period 1953-1969 the Bank opened three branches in Fiji five branches in Kenya three branches in Uganda and one each in London and Guyana. Between 1969 to 1974 we established three branches in Mauritius two branches in UK and one branch in Fiji. A significant development in the sphere of overseas operations was the entry of the Bank in the oil rich Gulf countries in 1974 when two branches were opened in UAE one at Dubai and another at Abu Dhabi.Post NationalizationOn July 19 1969 following the nationalization of banks our Bank was renamed from "The Bank of Baroda Limited" to "Bank of Baroda" The main objective of the Bank as per the Bank Acquisition Act was to meet progressively and to better serve the needs of the development of the economy and to promote the welfare of the people.Pursuant to the shift in the core objectives of banking pursuant to nationalization the Bank established the Multi-Service Agency (MSA) model for urban micro credit. In 1976 the Bank sponsored the first of its 19 Regional Rural Banks thereby seeking to complement its operations in rural heartland. In 1977 the Bank launched the "Gram Vikas Kendra" (GVK) an innovative model for integrated rural development. Following an aggressive expansion policy by 1981 the Bank had 1669 branches thereby ensuring the reach of banking services to remote areas of India. To focus on housing finance priority sector lending the Bank established its housing finance subsidiary BOB Housing in 1991. During this period the Bank also established Subsidiaries for businesses of credit cards (BOBCARDS) asset management (BOB AMC) andcapital market activities (BOB Caps).Key MilestonesDate Event1908 Establishment of the Bank1910 Opened our first branch in the city of Ahmedabad1919 Opened our first branch in Mumbai City1953 First international branch opened at Mombasa Kenya1958 The Hind Bank merged with us1962 The New Citizen Bank Limited merged with us1963 We acquired the Surat Banking Corporation1964 The Umargaon Peoples' Bank & Tamilnadu Central Bank merged with us1984 Bank of Baroda launched its credit card operations1988 The Traders Bank Limited merged with us1995 First bond issue of Rs. 3000 million1996 Our first public issue of Rs. 8500 million1999 * Commenced operations as a depository; and * Bareilly Corporation Bank merged2000 Appointed Arthur Andersen India Private Limited as risk management consultant for setting up a Comprehensive Risk Management Architecture for the Bank2001 Establishment of a separate Risk Management Department headed by a General Manager and specialised integrated treasury branch2002 The Benares State Bank Limited merged with us2004 * The South Gujarat Local Area Bank merged with us. * Signed MOU with National Insurance Company Limited June 1 2004 for selling its non life insurance products under corporate agency arrangement.2005 * Bank's new logo launched * Launched the IT Enabled Business Transformation Program and signed the contract with HP in this regard * Multicity cheque facility launched * Upgradation to the Bank's IT framework to ensure consonance to world-class standards rolled outYear Awards And Recognitions 2004 * Ranked as the best customer centric bank among all the public sector banks operating in India by the magazine Outlook Money in its September 2004 issue * Our branches in Kheda District in Gujarat achieved the first rank under Swarnajayanti Gram Swarozgar Yojana (SGSY) Scheme * First prize from RBI for implementation of Official Language in "B" region for the year 2003-04 * Khadi and Gram Udhyog Commission awarded second prize for excellent work by Eastern UP Zone of the Bank * "BOB MAITRI" the house journal of the Bank received an award from the RBI award under the bilingual journal category * First prize from Rashtriya Hindi Academy Roopambara Kolkata for best implementation of Official Language * Rating `CGR2' granted by ICRA in relation to the corporate governance practices of the Bank * First prize by NABARD for linking maximum number of SHGs under SHG Bank Linkage programme in the states of Gujarat and Rajasthan for the year 2003-04. * Second prize by the Government of Tamilnadu for its performance under SHG Bank linkage programme * Ranked third by the government of UP State in relation to the Self Help Group Bank Linkage programme2005 * Ranked among the top 500 banks of the world by the magazine "The Banker" UK in its July 2005 issue * 21 out of the 36 specialized SSI branches have been covered under ISO-9002 certification.