Bank of India

From Wikipedia, the free encyclopedia

Bank of India (BOI) is one of India's leading banks, with about 2500 branches in India and some 20 branches and representative offices abroad. Recently (September 2005) the Bank entered its centenary year.

1 History
- 1.1 Timelines
2 CMD since nationalisation
3 See also
4 External links

[edit] History

[edit] Timelines

1906: Founded with Head Office in Mumbai.
1946: BoI opened a branch in London, the first Indian bank to do so. This was also the first post-WWII overseas branch of any Indian bank.
1950: BoI opened branches in Tokyo and Osaka.
1951: BoI opened a branch in Singapore.
1953: BoI opened a branch in Kenya and another in Uganda.
1953 or 54: BoI opened a branch in Aden.
1955: BoI opened a branch in Tanganyika.
1960: BoI opened a branch in Hong Kong.
1962: BoI opened a branch in Nigeria.
1967: The Government of Tanzania nationalised BoI's operations in Tanzania and folded them into the government-owned National Commercial Bank, together with those of Bank of Baroda and several other foreign banks.
1969: The Government of India nationalised the 14 top banks, including Bank of India. In the same year, the People's Democratic Republic of Yemen nationalised BoI's branch in Aden, and the Nigerian and Ugandan governments forced BoI to incorporate its branches in those countries.
1970: National Bank of Southern Yemen incorporated BoI's branches in Yemen. BoI was the only Indian bank in the country.
1972: BoI sold its Uganda operation to Bank of Baroda.
1973: BoI opened a rep in Jakarta.
1974: BoI opened a branch in Paris. This was the first branch of an Indian bank in Europe.
1976: The Nigerian government acquired 60% of the shares in Bank of India (Nigeria).
1978: BoI opened a branch in New York.
1970s: BoI opened an agency in San Francisco.
1980: Bank of India (Nigeria) Ltd, changed its name to Allied Bank of Nigeria.
1986: BoI acquired Parur Central Bank in India in a rescue.
1987: BoI took over the three UK branches of Central Bank of India (CBI). CBI had been caught up in the Sethia fraud and default and the Reserve Bank of India required it to transfer its branches.
2003: BoI opened a representative office in Shenzen.
2005 BoI opened a representative office in Vietnam.

2006 BoI plans to upgrade the Shenzen and Vietnam representative offices to branches, and to open representative offices in Beijing, Doha, and Johannesburg. In addition, BoI plans to establish a branch in Antwerp and a subsidiary in Dar-es-Salaam, marking its return to Tanzania after 37 years.