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Allahabad Bank : Historical Profile

By: Source : Banks Website,      Update:04 Jun 2013


Allahabad Bank was established on April 24, 1865 by a group of Europeans at Allahabad. At that juncture Organized Industry, Trade and Banking started taking shape in India It is the Oldest Joint Stock Bank of the Country. In 1920 The Bank became a part of P & O Banking Corporation's group. In 1923 Its Head Office shifted to Calcutta on Business considerations. On 19th July 1969 bank was nationalized along with 13 other banks. In October 1989, United Industrial Bank Limited was merged with Allahabad Bank and entered into a merchant banking.

 

 Allahabad Bank is one of the oldest bank, the History of the Bank spread over three Centuries - Nineteenth, Twentieth and Twenty-First as under.

 Nineteenth Century

 

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.

 

As on 31st March 2013 the bank has 2716 branches all over India. On June 2006 the Bank crossed National Boundary and opened its representative Office at Shenzen, China. In October 2006 Bank rolled out first Branch under CBS.  In February 2007 the Bank opened its first overseas branch at Hong Kong.

In 2007 bank’s business crossed Rs 1 lac crore and as on 31st March 2013 it crossed Rs 3.10 lac crore.


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