Oriental Bank of Commerce (OBC), a Government of India undertaking, was established in Lahore on Feb. 19, 1943. In 1992, the merchant banking division of the bank was set up and the bank was authorized to act as a category-I merchant banker by SEBI. Currently, the bank has all its 1323 branches and 79 extension counters under core banking solution, a contemporary technology platform.
It has tied up with Western Union to offer inbound money transfer services. It provides domestic customers with savings and current accounts, term deposits, internet banking, Suvidha deposits; corporate customers with corporate advances, retail credit products, and other services. Having consolidated its presence in South and North India through the acquisition of Global Trust Bank, the bank now plans to refocus on organic growth.
A joint venture Canara HSBC Oriental Bank of Commerce Life Insurance Company was formed with HSBC and Canara Bank in June 2008 for foray into the life insurance business with a 23% stake. It has entered into a memorandum of understanding with IDBI Capital Market Services for providing online share trading to customers. It is at an advanced stage of implementation of Integral Treasury Solution linking domestic and international treasury and also the anti money laundering/KYC project. The registered office is located at E Block, Harsha Bhawan, Connaught Place, New Delhi-110001.
