Allahabad Bank Overview

Overview

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.
	1890's

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.
	July 19, 1969	Nationalized along with 13 other banks, Branches - 151 Deposits - Rs.119 crores, Advances - Rs.82 crores.
	October, 1989	United Industrial Bank Ltd. merged with Allahabad Bank.
	1991	Instituted AllBank Finance Ltd., a wholly owned subsidiary for Merchant Banking.

Twenty-First Century

	October, 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.
	February, 2007	The Bank opened its first overseas branch at Hong Kong.
	March 2007	Bank's business crossed Rs.1,00,000 crores mark.