PICK OF THE WEEK: BANKBARODA (NSE)
27th July 2019
- Bank of Baroda (BOB) is an Indian multinational, public sector banking and financial services company. It is owned by Government of India. The Maharaja of Baroda, Maharaja Sayajirao Gaekwad III, founded the bank on 20 July 1908 in the Princely State of Baroda, in Gujarat. The Government of India nationalized the bank, along with 13 other major commercial banks of India on 19 July 1969; the bank has been designated as a profit-making public sector undertaking(PSU). Based on 2019 data, it is ranked 1145 on Forbes Global 2000 list. BoB has total assets in excess of ? 3.58 trillion (making it India's 2nd biggest bank by assets), a network of 9583 branches in India and abroad, and 10441 ATMs as of July, 2017. The government of India announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank on September 17, 2018 to create the country's third largest lender. The amalgamation is the first-ever three-way consolidation of banks in the country, with a combined business of Rs 14.82 lakh crore, making it the third largest bank after State Bank of India (SBI) and ICICI Bank.
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