Allahabad Bank

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Description:
Allahabad Bank (), which began operations in 1865, now has its head-quarters in Kolkata. Currently the bank has 2402 branches across the country. 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.

History

19th Century

  • 24 April 1865: A group of Europeans at Allahabad founded Allahabad Bank. Allahabad Bank is therefore now the oldest joint stock bank in India.


20th Century

  • 1920: P & O Banking Corporation acquired Allahabad Bank with a bid price of Rs.436 per share.
  • 1927: Chartered Bank of India, Australia and China acquired P&O Bank. However, Chartered Bank continued to operate Allahabad Bank as a separate entity.
  • 19 July 1969: The Government nationalized Allahabad Bank, together with 13 other banks.
  • October 1989: Allahabad Bank acquired United Industrial Bank, a Calcutta-based bank that had been established in 1940.
  • 1991: The Bank established AllBank Finance Ltd, a wholly owned Merchant Banking subsidiary.


21st Century

  • October 2002: Bank came out with an Initial Public Offering (IPO) of 10 crores of shares, each with a face value Rs.10 each. The IPO reduced the Government's shareholding to 71.16%.
  • April 2005: 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%.
  • June 2006:Bank opened its first office......
  • ...

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