https://thebankinfo.com/

ALLAHABAD BANK

Jan 21, 2020 351

HISTORY:

Allahabad Bank was founded in the year 1865 by a group of Europeans at Allahabad.It is the oldest bank in india.The history of the bank spread over 3 centuries named as century's-19th,20th,21st.On april 24th the bank entered into 150th year of establishment.Firstly the bank was founded in allahabad in 1865.All over india there are 2500 branches.Till now the bank dealed with INR 3.1 trillion during the year 2012-2013.Even the bank has a branch in Hong kong and a office in Shezen.The capitalisation in may 2016 was US$543 million and ranked #1834 on the forbes global 2000 list.

By the end of the 19th century allhabad bank has six branches named as Lucknow,kanpur,Jhansi,Bareilly,Nainital,Delhi and calcutta.At the beginning of the 20th century, with the start of the Swadeshi movement, Allahabad Bank saw an outflow of deposits. In 1920, P & O Banking Corporation acquired Allahabad Bank with an offer price of ₹ 436 (US $ 6.50) per share. In 1923 the bank moved its headquarters and social address to Calcutta for reasons of both operational convenience and business opportunities. Then in 1927 Chartered Bank of India, Australia and China (Chartered Bank) acquired P & O Bank. However, Chartered Bank continued to operate the Allahabad Bank as a separate entity.

Allahabad Bank opened a branch in Rangoon (Yangon). At some point Chartered Bank amalgamated the bank branch of Allahabad in Rangoon with its own.In 1963 the revolutionary government in Burma nationalized the operations of the Chartered Bank there, which became the People's Bank No.On 19 July 1969, the Government of India nationalized Allahabad Bank along with 13 other banks.

In October 1989, Allahabad Bank acquired United Industrial Bank, a Calcutta-based bank that had been established in 1940 and which brought with it 145 branches. Two years later, Allahabad Bank established AllBank Finance Ltd, a wholly-owned subsidiary of Merchant Banking.

 

CHAIRMAN: Shri Rakesh Sethi