Allahabad Bank
Allahabad Bank, which began operations in 1865, now has its head-quarters in Kolkata. Currently the bank has 2165 branches across the country. The Chairman and Managing Director of the bank is K R Kamath.
History
- On April 24, 1865, a group of Europeans founded the bank at Allahabad, making it the oldest Joint Stock bank in India.
- In 1920, P&O Bank bought Allahabad Bank.
- In 1923 the bank moved its headquarters to Calcutta.
- In 1927, Chartered Bank of India, Australia and China acquired and amalgamated P&O Bank. However, Chartered Bank continued to operate Allahabad Bank as a separate entity.
- On July 19, 1969, the Government of India nationalized Allahabad Bank, together with 13 other banks.
- In October, 1989 Allahabad Bank acquired United Industrial Bank.
- In October, 2002, the bank came out with Initial Public Offer (IPO), which reduced the Government’s shareholding to 71.16%.
- A second public offering in April, 2005, further reduced the Government shareholding to 55.23%.
- In June, 2006, the bank opened a representative office at Shenzen, China, its first office outside India.
- In February, 2007, Allahabad Bank opened its first overseas branch, in Hong Kong
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