Allahabad Bank - Important Points

  • The Oldest Joint Stock Bank of the Country, Allahabad Bank was founded on April 24, 1865 by a group of Europeans at Allahabad.
  • The head-quarters of Allahabad Bank is in in Kolkata.
  • Chairman and Managing Director of the bank
  • 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.
  • In 19 July 1969 The Indian Government nationalized Allahabad Bank, together with 13 other banks.
  • October, 1989 - United Industrial Bank Ltd. merged with Allahabad Bank.
  • In October 1989 Allahabad Bank acquired United Industrial Bank which was established in 1940.
  • Allahabad Bank established AllBank Finance Ltd in 1991. It is a wholly owned Merchant Banking subsidiary.
  • In October 2002 Allahabad Bank came out with an Initial Public Offering (IPO) that reduce government holding in this bank to 71.16%.
  • 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%.
  • In June 2006 Allahabad Bank opened its first office outside India when it opened a representative office in Shenzen, China.
  • 2006 - Rolled out first Branch under CBS.
  • In February 2007 Allahabad Bank opened its first overseas branch, in Hong Kong.
  • 2007 - Bank's business crossed Rs.1,00,000 crores mark.
  • 2008 - Bank announces special package for housing loan & MSME borrowers.
  • 2008 - Bank crosses Rs.125000 crore business.
  • 2008 - Allahabad Bank Launches Debt Waiver Scheme.
  • 2009 - The bank launches savings bank deposit mobilisation campaign.
  • 2009 - The bank launches retail selling of Gold Coins.
  • 2009 - Allahabad Bank ties up with UAE Exchange & Financial Services.
  • 2009 - Allahabad Bank signed an MOU with Maruti Suzuki for entering into a strategic partnership for promotion of Car financing.
  • 2010 - Allahabad Bank business crosses Rs 1,96,800 crore.
  • 2011 - Allahabad Bank begun enrollment for Aadhaar, the brand name of the Unique Identification number (UID).
  • 2011 - The bank allotted 2.95 crore shares of Rs 10 each at a premium of Rs. 217 to the Government of India (GoI) on a preferential basis in return for Rs 670.00 crore fund infusion.
  • Currently the bank serves customers across 110 cities with a network 6 zonal offices, 2227 branches (including one in Hong Kong) and 221 ATMs.
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