Bank of Baroda is one of the leading commercial banks in India. The Bank's solutions includes personal banking which includes deposits gen-next services retail loans credit cards debit cards services and lockers; business banking which includes deposits loans and advances services and lockers; corporate banking which includes wholesale banking deposits loans and advances and services and international business which includes non-resident Indian (NRI) services foreign currency credits ECB offshore banking export finance import finance correspondent banking trade finance and international treasury. The Bank offers services such as domestic operations and Forex operations. They also offer rural banking services which include deposits priority sector advances remittance collection services pension and lockers. They also offer fee based services such as cash management and remittance services. The Bank is having their head office located at Baroda and their corporate office is located at Mumbai. Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 5458 branches and 10027 ATMs and Cash Recyclers supported by self-service channels. The bank has a significant international presence with a network of 105 branches/offices subsidiaries spanning 23 countries. The bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.) and BOB Capital Markets. Bank of Baroda also has a joint venture for life insurance business with India First Life Insurance. The bank owns 98.57% in The Nainital Bank. The bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.Bank of Baroda was incorporated on July 20 1908 as a as a private bank with the name The Bank of Baroda Ltd. The Bank was established with a paid up capital of Rs 1 million and was founded by Maharaja Sayajirao III of Baroda. In the year 1910 the Bank opened their first branch in the city of Ahmedabad. In the year 1919 they opened their first branch in Mumbai City. In the year 1953 the Bank opened first international 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. In the year 1958 The Hind Bank merged with the Bank and in the year 1962 The New Citizen Bank Ltd amalgamated with the Bank. In the year 1964 The Umargaon Peoples' Bank & Tamilnadu Central Bank amalgamated with the Bank. In July 1969 the Bank was nationalized and the name was changed from 'The Bank of Baroda Ltd' to 'Bank of Baroda'. During the period 1969 to 1974 they established three branches in Mauritius two branches in UK and one branch in Fiji. They entered in the oil rich Gulf countries in the year 1974 with two branches were opened in UAE one at Dubai and another at Abu Dhabi.In the year 1976 the Bank sponsored the first of their 19 Regional Rural Banks thereby seeking to complement their operations in rural heartland. In the year 1977 they launched the 'Gram Vikas Kendra' (GVK) an innovative model for integrated rural development. In the year 1984 the Bank launched their Credit Card Operations. In the year 1988 The Traders Bank Ltd amalgamated with the Bank. In the year 1991 the Bank established their housing finance subsidiary BOB Housing. They also established subsidiaries for businesses of credit cards (BOBCARDS) asset management (BOB AMC) and capital market activities (BOB Caps). In December 1996 the Bank entered the capital market with an Initial Public Offering. In the year 1997 they opened a branch in Durban.In the year 1999 the Bank commenced operations as a depository. Also Bareilly Corporation Bank amalgamated with the Bank during the year. In the year 2000 the Bank appointed Arthur Andersen India Pvt Ltd as risk management consultant for setting up a Comprehensive Risk Management Architecture for the Bank.In the year 2001 they established a separate Risk Management Department and specialized integrated treasury branch. In the year 2002 The Benares State Bank Ltd merged with the Bank. They launched Debit Card project in affiliation with VISA. In the year 2004 The South Gujarat Local Area Bank amalgamated with the Bank. In June 1 2004 the Bank signed an MoU with National Insurance Company Ltd for selling their non life insurance products under corporate agency arrangement.During the year 2004-05 the Bank expanded their interconnected ATM network to cross 501 spread over 180 centres in the country. The bank also introduced 8AM to 8PM banking at 101 branches and 24-Hour banking at 5 branches in the country. They launched the IT Enabled Business Transformation Program and signed the contract with Hewlett Packard. They launched Multicity cheque facility.In the year 2006 the Bank established an Offshrore Banking Unit (OBU) in Singapore. They commissioned 464 new ATMs across the country taking the tally to 634 Nos. In the year 2007 the Bank identified Legal & General the UK-based life insurance company as a partner for their life-insurance venture with initial capital of about Rs 200 crore. In April 2007 the Bank opened Gen-Next the youth-oriented branch.In May 2007 they signed an agreement with Dun & Bradstreet (D&B) regarding assign ratings to the bank's small-scale industry (SSI) customers. In October 6 2007 the Bank made a tie up with Pioneer Global Asset Management SpA Italy for launching joint venture for asset management business (Baroda Pioneer Asset Management Company). The joint venture would first offer products of Indian origin and later bring international investment opportunities to the Indian market. They launched sale of Gold Coins during the year.During the year 2008-09 the Bank opened eight new Urban Retail Loan Factories (URLFs) at Powai Mumbai Agra Bareilly Bhopal Nagpur Ernakulam Jodhpur and Noida. They launched new loan products namely Loan for Earnest Money Deposit Baroda Additional Assured Advance to NRIs Baroda Bachat Mitra Baroda Car Loan to HNIs/Corporates Baroda Advance Against Gold Ornaments/Jewelry/Gold Coins and Special Home Loans package.During the year the Bank signed an MoU with number of car manufacturing companies viz. Maruti Suzuki India Ltd Tata Motors Ltd Hyundai Motors India Ltd and Mahindra & Mahindra Ltd for boosting up Auto Loan portfolio. They made a tie up with Kotak Mahindra Old Mutual Life Insurance Ltd for providing Life Insurance Cover to Education Loan borrowers and Home Loan borrowers sanctioned under a special package.During the year the Bank opened four new branches/offices viz. Branch at Guangzhou (China) Electronic Banking Unit at Musaffah (UAE) and branches of the Subsidiaries at Kawempe (Uganda) and Nakuru (Kenya). In July 2008 they received the license from the China Banking Regulatory Commission (CBRC) for their full fledged branch in Guanzhou city in the Guangdong province. Also the online Home Loan application facility was made available with tracking of status of the application from July 20 2008.During the year 2009-10 the Bank opened Six new Retail Loan Factories (RLFs) at Chandigarh Gamdevi (MMSR) Patna Coimbatore Ranchi and Allahabad. They established three SME Loan Factories during the year. In June 22 2009 the Bank launched a new business process reengineering and organizational restructuring project 'Navnirmaan- Baroda Next'.In September 2009 the Bank brought all the branches of the Bank on CBS platform to offer 'Anywhere Anytime' banking to all its customers. All the branches of the Bank have been enabled to provide e-banking services as well as electronic fund transfer facilities by way of RTGS and NEFT to its customers. In October 10 2009 the Bank launched a new subsidy linked housing loan scheme under the Bank's Home Loan Product styled as 'Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)'. In November 2009 the Bank entered into definitive agreement with T Rowe Price for proposed divestment of 6.50% stake in UTI Asset Management Company and UTI Trustee Company.In November 16 2009 the Bank entered into life insurance business by forming a Joint Venture (JV) Life Insurance Company namely IndiaFirst Life Insurance Company Limited where Bank of Baroda holds 40% stake together with Andhra Bank holding 30% and Legal & General Group holding 26%. Also the Bank signed Corporate Agency Agreement with their joint venture company in life insurance IndiaFirst Life Insurance Co Ltd to market their life insurance products under Wealth Management Services.In the year 2010 the Bank received a commercial banking license from Malaysia to a locally incorporated bank namely India BIA Bank (Malaysia) to be jointly owned by Bank of Baroda Indian Overseas Bank and Andhra Bank. The Bank opened a branch in Auckland New Zealand and also opened their tenth branch in the United Kingdom. In July 2010 the Bank signed an agreement with the Unique Identification Authority of India (UIDAI) to act as a registrar for the project. The bank will join the UIDAI in collecting biometric and demographic details of their customers as well as others.In August 2010 the Bank signed a memorandum of cooperation with the Dubai Multi Commodities Centre Authority (DMCC) a free zone authority dedicated to enhancing trade flows through Dubai. The MoC is designed to provide value-added services to DMCC-registered companies and to further enhance the proposition of operating in the Jumairah Lake Towers (JLT) Free Zone. Also DMCC and the Bank will share knowledge through seminars workshops and exchange of faculty.During the year 2010-11 the Bank opened seven new branches/offices (including the ones for its overseas subsidiaries). A branch was opened at Ilford Essex (UK) and five Electronic Banking Service Units (EBSUs) in UAE at RAKIA Ras Al Khaimah Al Qusais Dubai Sh. Zayed Road Dubai Al Karama Dubai and National Paints Sharjah. The subsidiary in New Zealand Bank of Baroda (New Zealand) commenced operations with the opening of branch at Auckland.During the year the Bank launched a new Retail Asset Product styled as Baroda Traders Loan against the Security of Gold Ornaments/Jewellaries. They launched a Retail Asset scheme under Baroda Personal Loan styled as Baroda Loan to Retirees for Pension Option. Also they introduced a new Term Deposit Product styled as Baroda Utsava Deposit Scheme for 444 days at the interest rate of 8.10% which was revised from time to time. During the year the Bank opened a new Gen-next branch in NOIDA. Also they opened five new Retail Loan Factories at Karol Bagh New Delhi Raipur Ludhiana and Nasik whereas one existing RLF at Jodhpur was closed. In January 15 2011 the Bank launched two new Retail Liability Products under Savings Bank Segment styled as Baroda Pensioners Savings Account and a Life Insurance linked Savings product styled as Baroda Jeevan Suraksha Savings Account under a tie-up arrangement with IndiaFirst Life Insurance Company. On 29 March 2011 Bank of Baroda allotted 2.72 crore equity shares at issue price of Rs 902.14 per share amounting to Rs 2461 crore on preferential basis to Government of India. On 29 February 2012 Bank of Baroda announced that Banco Bilbao Vizcaya Argentaria (BBVA) has informed the bank that it may not be able to proceed further with regard to a proposed joint venture regarding credit card business. Earlier Bank of Baroda had entered into a Memorandum of Understanding (MOU) with BBVA for a joint venture regarding credit card business. 30 Mar 2012 Bank of Baroda informed the stock exchanges that the bank has allotted 1.95 crore equity shares at issue price of Rs 840.10 per share aggregating to Rs 1644.68 crore to Life Insurance Corporation of India on preferential basis.On 12 March 2013 the Allotment Committee of Bank Baroda issued and allotted 1.01 crore equity shares at issue price of Rs 838.85 per share aggregating to Rs 850 crore to Government of India (President of India) on preferential basis as per SEBI Guidelines.On 18 January 2014 the Allotment Committee of Bank Baroda issued and allotted 81.58 lakh equity shares at issue price of Rs 674.12 per share aggregating to Rs 550 crore to Government of India on preferential basis.On 9 July 2014 Bank of Baroda announced that the bank acting through its London branch has issued fixed rate Senior Unsecured Notes amounting to USD 250 million on 8 July 2014 under Regulation-S by way of tapping/re-opening of its Senior Unsecured Notes of USD 750 million originally issued on 23 January 2014 and maturing on 23 July 2019. The notes are issued to meet the present/future long term funding requirement at the overseas centres of the bank.The Board of Directors of Bank of Baroda at its meeting held on 27 September 2014 accorded an in-principle approval for the sub-division of one equity share of the face value of Rs 10 each into five equity shares of face value of Rs 2 each.On 31 March 2015 Bank of Baroda issued and allotted 6.44 crore equity shares at an issue price of Rs 195.59 per equity share amounting to Rs 1260 crore to Government of India on preferential basis.On 29 September 2015 Bank of Baroda issued and allotted 9.26 crore equity shares at an issue price of Rs 192.74 per equity share amounting to Rs 1786 crore to Government of India on preferential basis.On 25 July 2016 Bank of Baroda announced that the Reserve Bank of India has imposed a penalty of Rs 5 crore on the bank. The RBI carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain AML provisions such as monitoring of transactions timely reporting to FIU and assigning of UCIC to customers. Bank of Baroda said in a statement that the bank has implemented a comprehensive corrective action plan to strengthen internal controls and to ensure that such incidents do not recur.On 15 October 2016 Bank of Baroda announced that the bank has initiated the process of raising funds through issuance of Basel III compliant AT-I (Additional Tier-I Capital) Bonds i.e. Perpetual Debt Instrument as per the regulatory definitions of the Reserve Banks of India of Rs 1000 crore with Green Shoe option of Rs 1000 crore on Private Placement Basis.On 3 May 2017 Bank of Baroda announced that the bank has elected to exercise its option to redeem all outstanding US$ 300 million Upper Tier-II Subordinated Notes (the Notes) on 25 May 2017. The Notes were issued by the bank acting through its London Branch on 24 May 2007 pursuant to the bank's US$ 3 billion Medium Term Note Programme (the MTN Programme) listed with Singapore Stock Exchange.On 23 November 2017 Bank of Baroda announced that it has entered into a Memorandum of Understanding (MoU) with CGR Collateral Management Ltd with an objective to provide collateral management services to the borrowers who are availing the facility of loan against warehouse receipt through the network of Bank of Baroda branches across the country. CGR Collateral Management Ltd is engaged in providing warehouse management services relating to commodities and inventories and complete Agri business solutions to farmers. On 28 December 2017 Bank of Baroda announced that it has entered into an agreement with UniCredit S.p.A. to acquire their entire stake in Baroda Pioneer Asset Management Company thus increasing its shareholding to 100%. Its foreign partner Pioneer Investments will exit the venture. The move comes on the back of the acquisition of Pioneer Investments by Amundi earlier this year. Amundi already has a presence in an Indian asset management company. On 18 January 2018 Bank of Baroda announced its onboarding on all 3 RBI approved Trade Receivables Discounting System (TReDS) platforms thereby becoming the first bank to support this novel Fintech initiative by RBI.On 12 February 2018 Bank of Baroda announced that in line with the bank's strategic plan for rationalization of overseas branches the bank is exiting from its operations in South Africa. The business of the bank in South Africa is not very significant and the exit will not have any major impact on the financials of the bank. On 14 February 2018 Bank of Baroda announced that it has entered into a Memorandum of Understanding (MoU) with Small Farmers' Agribusiness Consortium (SFAC) as a preferred bank for the state of Maharashtra. The bank will play an active role in promoting quality investments in the Agri business sector and provide collateral free loans to Farmers Producer Companies (FPCs) in Maharashtra under the Credit Guarantee Scheme of SFAC. SFAC is an autonomous society promoted by Ministry of Agriculture Cooperation and Farmers' Welfare Government of India which is pioneering inclusive growth of small and marginal farmers engaged in agribusiness activities.On 6 March 2018 Bank of Baroda announced that it has entered into a Memorandum of Understanding (MoU) with National E-Repository Limited (NERL). The MoU with NERL will provide the bank an access to IT based ecosystem for management of life cycle of negotiable warehouse receipts (NWRs) in electronic form. On 27 March 2018 Bank of Baroda announced the issue and allotment of 34.13 crore shares at an issue price of Rs 157.46 per share amounting to Rs 5375 crore to Government of India on preferential basis.