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Allahabad Bank
Allahabad Bank was an Indian nationalised bank with its headquarters in Kolkata, India. Founded in Allahabad in 1865 and nationalised by the government of India in 1969, the bank provided banking and financial services for 155 years until it was merged with Indian Bank in 2020. It was the oldest still running joint stock bank in India until its merger.[citation needed]
As of 31 March 2018[update], Allahabad Bank had over 3245 branches across India. The bank did a total business of ₹3.8 trillion during the FY 2017–18. The bank's market capitalisation in June 2018[update] was US$573 million and ranked #1,882 on the Forbes Global 2000 list.
On 24 April 1865, a group of Europeans[citation needed] founded Allahabad Bank in Allahabad. By the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi.[citation needed]
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 (US$5.20) 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 (Chartered Bank) acquired P&O Bank. However, Chartered Bank continued to operate Allahabad Bank as a separate entity.[citation needed]
Allahabad Bank opened a branch in Rangoon (Yangon). At some point, Chartered Bank amalgamated Allahabad Bank's branch in Rangoon with its own. In 1963 the revolutionary government in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.
On 19 July 1969, the Indian government nationalised 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 that brought with it 145 branches. Two years later, Allahabad Bank established AllBank Finance Ltd, a wholly owned merchant banking subsidiary.[citation needed]
Its older logo, a monogram consisting of "A" and "B", was replaced by the current 'Triveni Sangam' logo circa 1997.
Allahabad Bank
Allahabad Bank was an Indian nationalised bank with its headquarters in Kolkata, India. Founded in Allahabad in 1865 and nationalised by the government of India in 1969, the bank provided banking and financial services for 155 years until it was merged with Indian Bank in 2020. It was the oldest still running joint stock bank in India until its merger.[citation needed]
As of 31 March 2018[update], Allahabad Bank had over 3245 branches across India. The bank did a total business of ₹3.8 trillion during the FY 2017–18. The bank's market capitalisation in June 2018[update] was US$573 million and ranked #1,882 on the Forbes Global 2000 list.
On 24 April 1865, a group of Europeans[citation needed] founded Allahabad Bank in Allahabad. By the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi.[citation needed]
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 (US$5.20) 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 (Chartered Bank) acquired P&O Bank. However, Chartered Bank continued to operate Allahabad Bank as a separate entity.[citation needed]
Allahabad Bank opened a branch in Rangoon (Yangon). At some point, Chartered Bank amalgamated Allahabad Bank's branch in Rangoon with its own. In 1963 the revolutionary government in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.
On 19 July 1969, the Indian government nationalised 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 that brought with it 145 branches. Two years later, Allahabad Bank established AllBank Finance Ltd, a wholly owned merchant banking subsidiary.[citation needed]
Its older logo, a monogram consisting of "A" and "B", was replaced by the current 'Triveni Sangam' logo circa 1997.
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