Allahabad Bank

Allahabad Bank, which began operations in 1865, now has its head-quarters in Kolkata. Currently the bank has 2165 branches [ [http://www.allahabadbank.com/branchnetwork_nw.htm Allahabad Bank's Branch Network] ] 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.

ee also

*Indian banking

References

External links

* [http://www.allahabadbank.com Official web site]
* [http://www.allahabadbank.in Official web site]