Allahabad Bank is a nationalised bank with its headquarters in Kolkata, India.
It is the oldest joint stock bank in India. On 24 April 2014, the bank
entered into its 150th year of establishment. It was founded in
Allahabad in 1865. As of 31 March 2012, Allahabad Bank had
over 2,500 branches across India. The bank did a total business of INR 3.1
trillion during the FY 2012-13. The bank has a branch in Hong Kong and a
representative office in Shenzen. The bank's market capitalisation in May
2013 was US$ 1.28 billion and it ranked #1466 on the Forbes Global 2000 list.
History = 19th century =
On 24 April 1865, a group of Europeans at Allahabad founded Allahabad Bank. By
the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow,
Bareilly, Nainital, Calcutta, and Delhi. = 20th century =
In the early 20th century, with the start of Swadeshi movement, Allahabad
Bank witnessed a spurt in deposits. In 1920, P & O Banking Corporation acquired
Allahabad Bank with a bid price of ₹436 per share. In 1923 the bank moved its
head office and the registered office to Calcutta for reasons of both operational
convenience and business opportunities. Then in 1927 Chartered Bank of India,
Australia and China acquired P&O Bank. However, Chartered Bank continued to
operate Allahabad Bank as a separate entity.
Allahabad Bank opened a branch in Rangoon. At some point Chartered Bank
amalgamated Allahabad Bank's branch in Rangoon with its own. In 1963 the
revolutionary government in Burma nationalized Central Bank of India's
operations there, which became People's Bank No. 2.
On 19 July 1969, the Indian Government nationalised Allahabad Bank, together
with 13 other banks. In October 1989, Allahabad Bank acquired
United Industrial Bank, a Calcutta-based bank that had been established in 1940
and that brought with it 145 branches. Two years later, Allahabad Bank
established AllBank Finance Ltd, a wholly owned Merchant Banking
subsidiary. = 21st century =
The government's ownership of Allahabad Bank shrank in October 2002 after the
bank engaged in an Initial Public Offering of ₹100 million of shares, each
with a face value ₹ 10. The IPO reduced the Government's shareholding to 71.16%.
Then in April 2005 the bank conducted a second public offering of ₹ 100 million
of shares, each with a face value ₹ 10 and selling at a premium of ₹ 72. This
offering reduced the Government's ownership to 55.23%.
In June 2006 the bank opened its first office outside India when it opened a
representative office in Shenzen, Mainland China. In February 2007,
Allahabad Bank opened its first overseas branch, in Hong Kong. In March, the
bank's business crossed the ₹ 10 million million mark.
Listings and shareholding Allahabad Bank's equity shares are
listed on Bombay Stock Exchange and the National Stock Exchange of India.
Employees As on 31 March 2013, the bank had 22,557
employees, out of which 3,293 were women. Out of the total employees, 51%
were officers, 30% were clerks and remaining 19% were subordinate staff.
The bank recruited 1,950 employees during the same financial year. The
company incurred INR 20 billion on employee benefit expenses during the
same financial year. Employee productivity: During the FY
2013-14, the business per employee was INR 13.50 crores and it earned a net
profit of INR 4.77 lakhs per employee. See also
Banking in India List of banks in India
Chartered Bank of India, Australia and China
Citations and references Citations
References Turnell, Sean Fiery Dragons: Banks,
Moneylenders and Microfinnance in Burma.. ISBN 9788776940409
External links Official website