Bank of Boroda

Topics: Bank, Mumbai, Fractional-reserve banking Pages: 1 (272 words) Published: February 2, 2013
1970s and 1980s
1972: BOB acquired Bank of India’s operations in Uganda.1974: BOB opened a branch each in Dubai and Abu Dhabi.1975: BOB acquired the majority shareholding and management control of BareillyCorporation Bank (est. 1928) and Nainital Bank (est. in 1954), both in Uttar Pradesh.Since then, Nainital Bank has expanded to Uttarakhand State.1976: BOB opened a branch in Oman and another in Brussels. The Brussels branch wasaimed at Indian firms from Mumbai (Bombay) engaged in diamond cutting and jewelleryhaving business in Antwerp, a major center for diamond cutting.1978: BOB opened branch in New York and another in the Seychelles.1979: BOB opened a branch in Nassau, the Bahamas.1980: BOB opened a branch in Bahrain and a representative office in Sydney, Australia.BOB, Union Bank of India and Indian Bank established IUB International Finance, alicensed deposit taker, in Hong Kong. Each of the three banks took an equal share.1985: BOB (20%), Bank of India (20%), Central Bank of India (20%) and ZIMCO(Zambian government; 40%) established Indo-Zambia Bank (Lusaka).BOB also opened an Offshore Banking Unit (OBU) in Bahrain.1988: BOB acquired Traders Bank, which had a branch network in Delhi. 1990s

1990: BOB opened an OBU in Mauritius, but closed its representative office in Sydney.1991: BOB took over the London branches of Union Bank of India and Punjab & SindBank (P&S). P&S’s branch had been established before 1970 and Union Bank’s after 1980. The Reserve Bank of India ordered the takeover of the two following the banks'involvement in the Sethia fraud in 1987 and subsequent losses.19
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