Bharat Overseas Bank

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 order to take over 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

  1. ↑ "Banks: Consolidation the buzzword". Equitymaster. Rediff.com. 2004-12-25.
  2. ↑ "IOB, Bharat Overseas to merge". economictimes. 26 December 2005. Retrieved 20 December 2013.

Now this bank is merged with Indian Overseas Bank. All employees, deposits and advances are now of Indian Overseas Bank and no other website should be used.

Further reading

  • Our Bureau (2005-07-19). "Bharat Overseas Bank to raise Rs 100 cr through IPO in October". The Hindu Business Line. Mumbai.
  • "Bharat Overseas IPO plan flounders". Moneycontrol. 2005-11-17.
  • "IOB, Bharat Overseas to merge". The Economic Times. Times Internet Limited. 2005-12-26.
  • BS Banking Bureau (2006-01-28). "IOB set to take over Bharat Overseas Bank". Business Standard. Mumbai: Rediff.com India Limited.
  • The Hindu (2006-03-11). "IOB retrieves Bangkok branch of Bharat Overseas Bank". Business Standard. Chennai: Thaindian.com.


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