Allahabad Bank
Allahabad bank was established in 1865 by a group of Europeans and is the oldest
public sector bank in India. In 1920, P&O Banking Corporation group took over Allahabad
bank. In October 1989, United Industrial Bank Limited was merged with Allahabad
Bank and entered into a merchant banking.
The bank caters to its clientele with various products and services – credit card,
demat account, various deposit schemes and there are also various investment opportunities
for NRIs. The head office of the bank is located in Kolkata, established in 1923.
By the end of the 19th century, Allahabad bank had branches at Jhansi, Kanpur, Lucknow,
Bareilly, Nainital, Kolkata and Delhi. In July 19, 1969, the bank got nationalized
along with 13 other banks, where count of Branches were 151 and deposits were Rs.119
crores with advances of Rs.82 crores. Presently, the bank holds 2154 branches and
211 ATMs all over India. In October, 2002, The Bank came out with its Initial Public
Offer (IPO), of 10 crore shares of face value Rs.10 each, reducing Government shareholding
to 71.16%. In April, 2005, the bank introduced a Follow on Public Offer (FPO) of
10 crore equity shares of face value Rs.10 each with a premium of Rs.72, reducing
Government shareholding to 55.23%. On June 2006, the Bank leaped national borders
and opened its representative office at Shenzen, China. In October 2006, the bank
settled its first branch under CBS, and opened its first overseas branch at Hong
Kong on February 2007. In March of the same year, the bank set a new benchmark,
with its business crossing the Rs. 1,00,000 crore mark.
Products and Services :