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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