Indian Bank
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| Type | Public |
|---|---|
| Traded as | BSE: 523465 NSE: INDIANB |
| Industry | Financial services |
| Founded | 1907 |
| Headquarters | Chennai, India |
| Key people | T.M.Bhasin (Chairman & MD) |
| Revenue |  10,550 crore (US$2.32 billion) (2011) |
| Net income | 1,745 crore (US$383.9 million) (2011) |
| Total assets | 121,841 crore (US$26.81 billion) (2011) |
| Employees | 19,632 |
| Website | www.indianbank.in |
Indian Bank (BSE: 523465, NSE: INDIANB) is an Indian financial services company headquartered in Chennai (Madras), India. It has 22,000 employees, 1923 branches(all CBS) and is one of the big public sector banks of India. It has overseas branches in Colombo, Sri Lanka, Singapore, and 229 correspondent banks in 69 countries. Since 1969 the Government of India has owned the bank, which celebrated its centenary in 2007.
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[edit] History
Indian bank was founded by Annamalai and Ramaswami Chettiar on 15 August 1907. This was in response to the financial crash faced by two leading trading companies in Madras, Arbuthnot's and Binny's.[1]
Indian Bank began its international expansion in 1932 when it opened a branch in Colombo. A branch in Jaffna followed three years later, but this was not successful and was closed in 1939. Just before World War II reached the region, Indian Bank opened a branch in 1940, in Rangoon (Yangon). The next year it closed the Rangoon branch, but opened branches in Singapore (where future branch manager KB Pisharody(1915–1998) started his career in the same year), and in Kuala Lumpur, Ipoh, and Penang. The rapid advance of the Japanese Army forced IB to close all its branches in Malaya and Singapore. Although the Japanese forces did not reach Ceylon, IB closed the Colombo branch in 1942.
After the war, IB reopened its Malayan and Singapore branches. Then in 1948 it reopened its branch in Colombo.
The 1960s saw IB expand domestically as it acquired Mannargudi Bank (est. 1932) and Salem Bank (est. 1925). Then on 19 July 1969 the Government of India nationalized 14 top banks, including Indian Bank.
In 1973 Indian Bank, Indian Overseas Bank, and United Commercial Bank established United Asian Bank Berhad in response to a new banking law in Malaysia that prohibited foreign government banks from operating in the country.
International expansion continued in 1978 with IB becoming a technical adviser to PT Bank Rama in Indonesia, the result of the merger of PT Bank Masyarakat and PT Bank Ramayana. Two years later, IB, Bank of Baroda, and Union Bank of India established IUB International Finance, a licensed deposit taker in Hong Kong. Each of the three banks took an equal share in the joint venture.
Nineteen eighty-seven brought IB two more acquisitions when it rescued Bank of Tanjore (Bank of Thanjavur) in Tamil Nadu.
Bank of Baroda bought out its partners in IUB International Fininance in Hong Kong in 1998. Apparently this was a response to regulatory changes following Hong Kong’s reversion. IUB became Bank of Baroda (Hong Kong), a restricted license bank.
[edit] Diversified banking activities - 3 Subsidiary companies
- Indbank Merchant Banking Services Ltd
- IndBank Housing Ltd.
- IndFund Management Ltd
[edit] See also
[edit] References
- ^ Stanley A. Cochanek. Business and Politics in India. University of California Press. pp. 152.
[edit] Further reading
- Seshadri, R.K. 1982. A swadeshi bank from south India. Madras: Indian Bank.
[edit] External links
- Indian Bank's official website
- Find IFSC Code of INDIAN BANK branches in India, or Branch Details by IFSC Code
- Interview of Mr. T.M. Bhasin, Chairman & Managing Director, Indian Bank
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