Bharat Overseas Bank (BOB) was a private bank based in Chennai, India. In 2007, it merged with Indian Overseas Bank, which took over all the bank's employees, assets, and deposits.
BOB was established in 1973, in order to takeover for the Bangkok branch of the Indian Overseas Bank. It was one of the few private banks that the Reserve Bank of India permitted to have a branch outside India, and was the only bank representing India in Thailand. It was owned by seven banks (initial ownership figures in parentheses): Indian Overseas Bank (30%), Bank of Rajasthan (16%), Vysya Bank (14.66%), Karur Vysya Bank (10%), Federal Bank (19.67%), South Indian Bank (10%), and Karnataka Bank (8.67%), but in 2007 Indian Overseas Bank fully acquired the bank.[1][2]
References
edit- ^ "Banks: Consolidation the buzzword". Equitymaster. Rediff.com. 25 December 2004.
- ^ "IOB, Bharat Overseas to merge". The Economic Times. 26 December 2005. Archived from the original on 12 August 2011. Retrieved 20 December 2013.
External links
editFurther reading
edit- Our Bureau (19 July 2005). "Bharat Overseas Bank to raise Rs 100 cr through IPO in October". The Hindu Business Line. Mumbai.
- "Bharat Overseas IPO plan flounders". Moneycontrol. 17 November 2005. Archived from the original on 18 May 2008.
- "IOB, Bharat Overseas to merge". The Economic Times. Times Internet Limited. 26 December 2005.
- BS Banking Bureau (28 January 2006). "IOB set to take over Bharat Overseas Bank". Business Standard. Mumbai: Rediff.com India Limited.
- The Hindu (11 March 2006). "IOB retrieves Bangkok branch of Bharat Overseas Bank". Business Standard. Chennai: Thaindian.com. Archived from the original on 25 February 2009. Retrieved 2 March 2010.
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