History of Bank of India

_x000D_ Bank of India was incorporated by a group of eminent businessmen in Mumbai on September 7, 1906, with a paid-up capital of ₹50 lakh. It was the first bank in India to be promoted by Indian interests and to serve all the communities of India. In 1921, the Bank received a contract from the Bombay Stock Exchange to manage the latter’s clearing house. In 1946, they became the first Indian bank to open a foreign branch in London._x000D_ _x000D_ The bank was nationalised in July 1969. In 1997, the Bank came out with its maiden public issue and also introduced bullion banking. In 2004-05, the bank tied up with ICICI Prudential Life Insurance to provide references to customers for the sale of their life insurance products against a referral fee. They made further strategic alliance with the Securities Trading Corporation of India (STCI) to facilitate the secondary market sale of Government Securities. In 2008, the company had a follow on qualified institutional placement, too._x000D_ _x000D_ Bank of India was the first nationalised bank to establish a fully computerised branch and an ATM facility back in 1989. It is also a founder-member of SWIFT in India. It also pioneered the adoption of the Health Code System in 1982 for rating its credit portfolio._x000D_

Business Segments

_x000D_ The bank primarily operates in two business segments, namely wholesale banking operations and retail banking operations. _x000D_

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1. Wholesale Banking - This includes cash management services, trade finance and credit for corporates and MSMEs. There are further schemes for MSMEs, such as health schemes, commercial vehicle loans, and guarantee schemes. It also has special schemes for agriculture, such as loans for farming, mechanisation, Self-help Groups, etc.
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2. Retail Banking: Under this segment, the bank offers account opening and maintenance, cards and deposits. The bank also offers general, life and health insurance, along with its own mutual funds. It also offers a wide range of government investment and savings schemes.
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_x000D_ In its domestic loan book in 2023, corporates take up the highest share at 37%, followed by retail loans, MSME and agriculture. Foreign business contributes about 12.5%._x000D_

Subsidiaries

_x000D_ Bank of India has the following domestic subsidiaries:_x000D_

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1. BOI Shareholding Ltd. (BOISL) - BOISL is BOI’s wholly owned subsidiary that acts as Depository Participant (DP) of both the Depositories, National Securities Depository Ltd. (NSDL) and the Central Depository Services (India) Ltd. (CDSL)
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2. BOI Investment Managers Pvt. Ltd. (BOIIMPL) - It is a wholly owned subsidiary that is an investment advisory services company.
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3. BOI Trustee Services Pvt. Ltd. (BOITSPL) - It is a wholly owned subsidiary that offers trustee services.
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4. BOI Merchant Bankers Ltd. (BOIMBL) - This company is a wholly owned subsidiary that undertakes merchant banking business, including arranging syndicated loans, bonds and debentures.
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_x000D_ The bank has the following international subsidiaries for its global operations:_x000D_

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1. PT Bank of India Indonesia Tbk.
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2. Bank of India (Tanzania) Ltd.
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3. Bank of India (New Zealand) Ltd.
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4. Bank of India (Uganda) Ltd.
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Key Personnel

_x000D_ Shri Rajneesh Karnatak, MD and CEO _x000D_ _x000D_ Mr. Karnatak assumed charge as Managing Director and Chief Executive Officer of Bank of India on April 29, 2023. He was the Chief General Manager of Punjab National Bank before his appointment as Executive Director at Union Bank of India on October 21, 2021. Shri Karnatak has a rich banking experience of over 29 years and carries varied branch and Administrative office experience. He had earlier worked in the erstwhile Oriental Bank of Commerce and then in Punjab National Bank in Credit Review & Monitoring roles._x000D_

Corporate Actions

_x000D_ The company has not announced any bonus shares, rights issue, buyback of shares, or stock splits in recent times._x000D_ _x000D_ Mergers and Acquisitions_x000D_

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• During the year 2007-08, the Bank acquired a 76% stake in PT Bank Swadesi Tbk for a total consideration of Indian ₹3.77 crores.
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• In January 2019, the Bank of India acquired Bharatiya Mahila Bank (BMB) which had been established exclusively to provide banking services to women.
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