Founded on September 07, 1906 the Bank of India has its headquarters in Mumbai, Maharashtra. Before being nationalized in 1969 along with 13 other banks the Bank of India was under private ownership and control.
Since then it has been government-owned. The Bank started its operations with a single office in Mumbai with 50 employees and a paid up capital of Rs. 50 Lakh. Over the years the bank as expanded consistently and currently has a balance sheet size of Rs. 573190.2 Cr. It also has a market capitalization of Rs. 13908.66 Cr.
The Bank of India started its International expansion in 1946 by opening a branch in London. It was the first Indian bank to have done so. Post independence during the 1950s it opened a number of overseas bank branches in Tokyo, Osaka, Singapore, Kenya, Uganda, Aden and Tanganyika followed by a branch in Hong Kong in 1960 and that in Nigeria in 1962. Later other branches were opened in Paris and New York and representative offices in Jakarta, Shenzhen and Vietnam.
The Parur Central Bank, Kerala was acquired by BoI in 1986 and amalgamated it in 1990. It also acquired 76% of the Indonesia based PT Bank Swadesi in 2007. Bank of India (New Zealand) Ltd. was established as a wholly owned subsidiary of Bank of India on October 6, 2011. It also established the Bank of India (Uganda) Ltd in 2012 and Bank of India( Botswana) ltd in 2013.
The bank is currently present in 22 foreign countries spread over 5 continents with 56 offices. These include 5 Subsidiaries, 5 representative offices and 1 Joint venture. The contribution from foreign branches to the BoI’s global business include 24.91% Deposits, 28.42% Advances and 26.44% Business Mix.The Bank of India operates in various segments such as Commercial banking, Retail banking, Private banking, Asset management and Mortgages. It has 4828 branches all over India which are controlled through 50 zonal offices.