Federal Bank
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| Type | Public |
|---|---|
| Traded as | NSE: FEDERALBNK BSE: 500469 LSE: FEDS |
| Industry | Banking and allied industries |
| Founded | Kochi, 1945 |
| Headquarters | Federal Towers, Aluva, Kochi - 683 101, Kerala, India. |
| Key people | Shyam Srinivasan (CEO) |
| Products | Loans, Savings, etc. |
| Website | www.federalbank.co.in |
Federal Bank Limited (NSE: FEDERALBNK, BSE: 500469, LSE: FEDS) is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. As of December 31 2011 it has 832 branches spread across 24 states in India and 803 ATMs around the country(across 108 metro centres, 224 urban centres, 384 semi-urban locations and 87 rural areas ).The bank is planning to expand its branch network to 1000 by march 2012.[1]
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[edit] History
In the year 1931, Travancore Federal Bank was inaugurated at Vengal Varuttisseril at Nedumpuram, near Tiruvalla, Kerala. The 14 founders included Sri Vengal Varuttisseril Oommen Varghese, his brothers Oommen Chacko, Oommen Kurian, Oommen George and also another person from Tiiruvalla, Kavumbhagam Mundapallil Lukose, and others. Oommen Varghese was the Chairman and Oommen Chacko the Manager. After it had functioned for nearly 10 years, the bank's day to day transaction had to be stopped due to the ill-health of the Manager.
Understanding this situation, a lawyer from Perumbavoor named Sri K.P.Hormis and his acquaintances joined together, bought the bank and took over the management. In 1945, they moved the bank's registered office to Aluva and Hormis became the Managing Director. In 1947,the bank's name was shortened from Travancore Federal Bank to Federal Bank. [2]
In 1970, the bank became a Scheduled Commercial Bank. Recently, it opened a representative office in Dubai[3].
[edit] Acquisitions and Mergers
- In 1964, the bank embarked on a series of acquisitions that would substantially increase its size. It acquired the Chalakudy Public Bank in Chalakudy, the Cochin Union Bank in Thrissur, and the Alleppey Bank in Alappuzha.
- In 1965, it acquired the St.George Union Bank in Puthenpally.
- In 1968, it acquired the Marthandom Commercial Bank in Thiruvananthapuram.
- In 2006, Federal Bank acquired Ganesh Bank of Kurundwad after the Reserve Bank of India suspended the bank. Established in 1920, Ganesh Bank had its headquarters at Kurundwad, Maharashtra. The bank had a network of 32 branches and its operations were concentrated in Sangli and Kolhapur in Maharashatra and Belgaum in Karnataka. Prior to the merger, Federal Bank had 20 branches in Maharashtra.
- In March 2008, Federal Bank entered into a joint venture with IDBI Bank and Fortis Insurance International to form IDBI Fortis Life Insurance, of which Federal Bank owns 26 percent. The company ended the year with over 300 Cr in premiums as on 31 March 2009.
- On 24 August 2010, IDBI Fortis, rejuvenated as IDBI Federal Life Insurance with Aegas of Belgium.
[edit] Sponsorships
Federal Bank,will be the principal sponsor of Kochi Tuskers Kerala .[4] The tickets for KTK's home matches will be sold through Federal bank branches and their website.
[edit] See also
[edit] References
- ^ Federal Bank's operating profit up 25 per cent The Hindu, Jan 26, 2007
- ^ http://vengal.info/history.html
- ^ http://www.federal-bank.com/NRI_CustomerRelation_AbudhabiOffice.aspx
- ^ http://expressbuzz.com/cities/kochi/federal-bank-is-kochi-ipl%E2%80%99s-principal-sponsor/258024.html
[edit] External links
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