Allahabad Bank

“Market Cap $819 M As of May 2014

Profile

Allahabad Bank operates as a nationalized commercial bank. Its principal activities are to provide treasury and banking operations. The bank operates through three segments: Treasury Operations, Corporate or Wholesale Banking, Retail Banking and Other Banking Business. These activities include accepting deposits, lending loans and to provide other financial related services. The bank operations provides short and long term loans to agricultural, small scale industries and other priority sectors. It also offers Internet banking facilities and other banking business to its customers. Allahabad Bank was founded on April 24, 1865 and is headquartered in Kolkata, India.“

“Allahabad Bank History

The Oldest Joint Stock Bank of the Country, Allahabad Bank was founded on April 24, 1865 by a group of Europeans at Allahabad. At that juncture Organized Industry, Trade and Banking started taking shape in India. Thus, the History of the Bank spread over three Centuries – Nineteenth, Twentieth and Twenty-First.

	April 24, 1865’s	The Bank was founded at the confluence city of Allahabad by a group of Europeans.
	1890’s

Twentieth Century

	1920’s	The Bank became a part of P & O Banking Corporation’s group with a bid price of Rs..436 per share,
	1923	The Head Office of the Bank shifted to Calcutta on Business considerations.
	July 19, 1969	Nationalized along with 13 other banks, Branches – 151 Deposits – Rs.119 crores, Advances – Rs.82 crores.
	October, 1989	United Industrial Bank Ltd. merged with Allahabad Bank.
	1991	Instituted AllBank Finance Ltd., a wholly owned subsidiary for Merchant Banking.

Twenty-First Century 

	October, 2002	The Bank came out with Initial Public Offer (IPO), of 10 crores share of face value Rs.10 each, reducing Government shareholding to 71.16%.
	April, 2005	Follow on Public Offer (FPO) of 10 crores equity shares of face value Rs.10 each with a premium of Rs.72, reducing Government shareholding to 55.23%.
	June, 2006	The Bank Transcended beyond the National Boundary, opening Representative Office at Shenzen, China.
	Oct, 2006	Rolled out first Branch under CBS.
	February, 2007	The Bank opened its first overseas branch at Hong Kong.
	March 2007	Bank’s business crossed Rs.1,00,000 crores mark.
	March, 2010	Bank crosses Business figure of Rs.1,75,000/- crore with a growth rate of 23.06%
	March, 2011	Bank has implemented CBS in all its Branches
	March, 2012	Bank crosses its net work of 2500 branches.
	March, 2013	Bank crosses bench mark business figure Rs.3,00,000/- crore and enters in &”Orbit of Large Banks&”
	April, 2014	Bank celebrates 150 years of foundation.”

*Information from Forbes.com and Allahabadbank.com

**Video published on YouTube by “Arko Sen“