Credit rating agency, ICRA has reaffirmed CGR 2 rating to the Corporate Governance practices of Bank of Baroda (BOB). The rating is on a scale of CGR1 to CGR6 where CGR1 denotes the highest rating.
The CGR2 rating implies that in ICRA’s current opinion, the rated bank has adopted and followed such practices, conventions and codes as it would provide its financial stakeholders a high level of assurance on the quality of corporate governance.
BOB was incorporated in 1908 and was under private ownership and control till July 1969 when it was nationalized along with 13 other banks. Government of India held 54.31% stake in the bank as on December 31, 2012. The bank has a wide spread network of 4,134 branches and 2,288 ATMs across India (as on December 31, 2012) along with 155 branches/ offices abroad located in 24 countries.
