About
Bank of India (BOI) was Founded in 1906. It is a Mumbai-based commercial bank that was nationalised in 1969. BOI runs a large network of 5316 banking branches and 56 overseas offices. Overseas offices include 5 representative office, 5 subsidiaries, and one join venture.
BOI is also the founder bank member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications) that advocates and facilitates cost-efficient financial communication and processing.
Listing and Revenue
| Revenue | ₹49,066.33 crore |
| Operating Income | ₹11,518.64 crore |
| Net Income | ₹-2,956.89 crore |
| Total Assets | ₹656,995.48 crore |
Products and Services
BOI offers a host of products and services including Depository Services, Gold Coin (New), Insurance (Domestic travel, health, education etc.), Mutual Fund, Remittance, Safe Custody, Safe Deposit Locker and Star Cash Management Service among others.
History
Bank of India was established on 7 September 1906 by a group of businessmen from Mumbai, Maharashtra, India. Sir Sassoon J. David was the lead promoter of BOI. The Bank operated under private ownership and control till 19 July 1969 when the government nationalised the bank along with 13 other large banks.
BOI began its operations with a paid-up capital of ₹5 million (US$70,000) and just 50 employees. Now the bank operates over 5,100 branches in India across all states and union territories. It also runs 60 branches, 5 subsidiaries, and 1 joint venture abroad.
BOI's public issue came in 1997 and Qualified Institutions Placement came in the market in February 2008.
In 1921, BoI entered an agreement with the Bombay Stock Exchange (BSE) to manage its clearing house.
BoI's started expanding internationally in 1946 with a branch in London. It was the first Indian bank to open a banking branch in London. By 1950s BoI opened several international branches including Tokyo and Osaka in 1950, Kenya and Uganda in 1953, Singapore in 1951, Aden in 1953 or 1954, and Tanganyika in 1955.
Acquisitions
BoI took over Bank of Karad in 1994. In 2007 BoI bought 76% stake in Indonesia-based PT Bank Swadesi.
Subsidiaries
Bank of India operates with 5 subsidiaries and 1 joint venture abroad. They include, Tokyo, Hong Kong, Singapore, Paris, London, and New York.