A brief history of Allahabad Bank

By | October 19, 2009
2 Comments

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.

In 1920 the bank became a part of the P&O Banking Corporation which paid Rs 436 per share of the bank. By 1923 the bank had shifted its headquarters to Calcutta from Allahabad. In 1969 the government of India nationalized the bank which at that time had over 151 branches.

The government diluted its stake to 71.60% by going in for an Initial Public Offer of 10 crores in October 2002 and further reduced the stake to 55.23% with a follow on IPO. By 2007 the bank’s turnover exceeded Rupees One Lakh Crores.

Today the bank has operations even in Hong Kong where it opened its first overseas branch in 2007. Housing loans form a major part of its retail lending.

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Category: Banks

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

2 thoughts on “A brief history of Allahabad Bank”

  1. Imtiyaz khan

    I againt marge Allahabad Bank thish policy is roung policy take by tjhe government Allahabad bank histary is Sandar 150 salo ka jo dhumil hota nzar Aa rha hai bewakufi wala faishla

    dhanyawad
    IMTIYAZ KHAN, ASANSOL

    Reply ↓

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