Allahabad Bank is one of the premier nationalized banks in India. It is also the oldest joint stock bank of India. It was incorporated by a group of Europeans at Allahabad on April 24, 1865. It was the time Indian economy had started shifting towards organized trade and business affairs. After some years in 1920, the P&O Bank brought Allahabad Bank and its headquarters at Kolkata. The Allahabad bank got an entirely new identity when it was nationalized in 1969 along with 13 other banks in India. Since then the Allahabad Bank had a smooth journey towards progress. Today it is one of the leading banks in India with a whooping business of over Rs.1, 00,000 crores.
Nineteenth Century
The Oldest Joint Stock Bank of the Country, Allahabad Bank was founded on April 24, 1865 by a group of Europeans at Allahabad. At that juncture Organized Industry, Trade and Banking started taking shape in India. Thus, the History of the Bank spread over three Centuries – Nineteenth, Twentieth and Twenty-First.
April 24,1865′s – The Bank was founded at the confluence city of Allahabad by a group of Europeans.
Twentieth Centuryy
1920′s – The Bank became a part of P & O Banking Corporation’s group with a bid price of Rs.436 per share
1923 – The Head Office of the Bank shifted to Calcutta on Business considerations.
July19,1969 – Nationalized along with 13 other banks, Branches – 151 Deposits – Rs.119 crores, Advances – Rs.82 crores.
Oct,1989 – United Industrial Bank Ltd. merged with Allahabad Bank.
1991 – Instituted AllBank Finance Ltd., a wholly owned subsidiary for Merchant Banking.
Twenty-First Century
Oct,2002 – The Bank came out with Initial Public Offer (IPO), of 10 crores share of face value Rs.10 each, reducing Government shareholding to 71.16%.
April,2005 – Follow on Public Offer (FPO) of 10 crores equity shares of face value Rs.10 each with a premium of Rs.72, reducing Government shareholding to 55.23%.
June,2006 - The Bank Transcended beyond the National Boundary, opening Representative Office at Shenzen, China.
Oct,2006 – Rolled out first Branch under CBS.
Feb,2007 – The Bank opened its first overseas branch at Hong Kong
Mar,2007 – Bank’s business crossed Rs.1,00,000 crores mark
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