Allahabad Bank

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Allahabad Bank

Type

Public

Traded as

BSE: 532480, NSE: ALBK

Banking Industry Financial services Investment services

Founded

1865

Allahabad Bank, Headquarters Head Office, 2, N. S. ROAD, Kolkata- 700 001. India

Key people

J. P. Dua (Chairman & MD)

Finance and insurance Products Consumer banking Corporate banking

Website

http://www.allahabadbank.com

Allahabad Bank (Hindi: ), NSE: ALBK, BSE: 532480 which began operations in 1865, has its head-quarters in Kolkata is the oldest joint stock bank in India. The bank was founded in the historical city Allahabad in 1865 and now the bank has crossed 2500 branches on 31th march 2012.[1]The Chairman and Managing Director of the bank is Shri J. P. Dua. The bank has a branch in Hong Kong and a representative office in Shenzen.

Contents
[hide]

1 History o 1.1 19th Century o 1.2 20th Century o 1.3 21st Century 2 See also 3 References 4 External links

[edit] History
[edit] 19th Century
On 24 April 1865: A group of Europeans at Allahabad founded Allahabad Bank. Allahabad Bank is therefore now the oldest joint stock bank in India.

[edit] 20th Century

In 1920, P & O Banking Corporation acquired Allahabad Bank with a bid price of Rs.436 per share. 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. On 19 July 1969, the Government nationalized 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. Two years alter, Allahabad Bank established AllBank Finance Ltd, a wholly owned Merchant Banking subsidiary.

[edit] 21st Century

The government's ownership of Allahabad Bank was reduced in October 2002 when the bank engaged in an Initial Public Offering (IPO) of 10 crores of shares, each with a face value Rs.10. The IPO reduced the Government's shareholding to 71.16%. Then in April 2005 the

bank conducted a second public offering of 10 crores of shares, each with a face value Rs.10 and selling at a premium of Rs.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, China. In February 2007, Allahabad Bank opened its first overseas branch, in Hong Kong. In March, the bank's business crossed Rs.1,00,000 crores mark.