Allahabad Bank

Allahabad Bank

A tradition of trust
Type	Public
Traded as	BSE: 532480, NSE: ALBK
Industry	Banking, Financial services
Founded	24 April 1865 (1865-04-24) in Allahabad
Headquarters	Kolkata, India
Number of locations	3,071 branches (2015)[1]
Key people	Rakesh Sethi (Chairman and MD);[2]
Services	Finance and insurance Consumer banking Corporate banking
Revenue	₹189.13 billion (US$2.8 billion) (2013)[3]
Operating income	₹33.85 billion (US$500 million) (2013)[3]
Net income	₹11.85 billion (US$180 million) (2013)[3]
Total equity	₹5 billion (US$74 million) (2013)[3]
Number of employees	22,557 (March 2013)[4]
Website	allahabadbank.in

Allahabad Bank (Hindi: इलाहाबाद बैंक) is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of establishment. It was founded in Allahabad in 1865.^[5]

As of 31 March 2012, Allahabad Bank had over 2,500 branches across India.^[1] The bank did a total business of INR 3.1 trillion during the FY 2012-13.^[4] The bank has a branch in Hong Kong and a representative office in Shenzen.

The bank's market capitalisation in May 2016 was US$543 million and it ranked #1834 on the Forbes Global 2000 list.^[6]

History

19th century

On 24 April 1865, a group of Europeans at Allahabad founded Allahabad Bank. By the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi.

20th century

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$6.50) 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.

Allahabad Bank opened a branch in Rangoon (Yangon). At some point Chartered Bank amalgamated Allahabad Bank's branch in Rangoon with its own.^[7] In 1963 the revolutionary government in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.^[8]

On 19 July 1969, the Indian Government nationalised Allahabad Bank, together 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.

21st century

The government's ownership of Allahabad Bank shrank in October 2002 after the bank engaged in an Initial Public Offering (IPO) of ₹100 million (US$1.5 million) of shares, each with a face value ₹ 10. The IPO reduced the Government's shareholding to 71.16%. Then in April 2005 the bank conducted a second public offering of ₹ 100 million of shares, each with a face value ₹ 10 and selling at a premium of ₹ 72. This offering reduced the Government's ownership to 55.23%.

In June 2006 the bank opened its first office outside India when it opened a representative office in Shenzen, Mainland China. In February 2007, Allahabad Bank opened its first overseas branch, in Hong Kong. In March, the bank's business crossed the ₹ 10 million million mark.

Listings and shareholding

Allahabad Bank's equity shares are listed on Bombay Stock Exchange and the National Stock Exchange of India.

Allahabad Bank Head Office at Kolkata

Employees

As on 31 March 2013, the bank had 22,557 employees, out of which 3,293 were women (15%).^[4] Out of the total employees, 51% were officers, 30% were clerks and remaining 19% were subordinate staff.^[4] The bank recruited 1,950 employees (1,421 Officers, 390 Clerks and 139 subordinate staff) during the same financial year.^[4] The company incurred INR 20 billion on employee benefit expenses during the same financial year.^[4]
Employee productivity: During the FY 2013-14, the business per employee was INR 13.50 crores and it earned a net profit of INR 4.77 lakhs per employee.^[4]

See also

• Banking in India
• List of banks in India
• Chartered Bank of India, Australia and China

Citations and references

Citations

References

• Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma. (NAIS Press). ISBN 9788776940409

External links

• Official website
• Internet Banking Portal

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