A tradition of trust
|Traded as||BSE: 532480,
|Industry||Banking, Financial services|
|Founded||24 April 1865
Number of locations
|3,071 branches (2015)|
|Rakesh Sethi (Chairman and MD);|
|Revenue||₹189.13 billion (US$2.8 billion) (2013)|
|₹33.85 billion (US$500 million) (2013)|
|₹11.85 billion (US$180 million) (2013)|
|Total equity||₹5 billion (US$74 million) (2013)|
Number of employees
|22,557 (March 2013)|
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.
As of 31 March 2012, Allahabad Bank had over 2,500 branches across India. The bank did a total business of INR 3.1 trillion during the FY 2012-13. The bank has a branch in Hong Kong and a representative office in Shenzen.
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. In 1963 the revolutionary government in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.
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.
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.
|Shareholders (as on 31-Mar-2014)||Shareholding|
|Promoter Group (Government of India)||55.23%|
|Foreign Institutional Investors (FII)||08.74%|
As on 31 March 2013, the bank had 22,557 employees, out of which 3,293 were women (15%). Out of the total employees, 51% were officers, 30% were clerks and remaining 19% were subordinate staff. The bank recruited 1,950 employees (1,421 Officers, 390 Clerks and 139 subordinate staff) during the same financial year. The company incurred INR 20 billion on employee benefit expenses during the same financial year.
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.
Citations and references
- "Welcome to the website of Allahabad Bank" (PDF).
- "Rakesh Sethi takes over as new CMD of Allahabad Bank". timesofindia-economictimes.
- "Financial Results - Annual Trend". Bombay Stock Exchange. Retrieved 26 February 2014.
- "Annual Report 2012-13" (PDF). Allahabad Bank. Retrieved 26 February 2014.
- Rajesh, R.; Sivagnanasithi, T. Banking Theory: Law & Practice. Tata McGraw-Hill Education. p. 8. Retrieved Nov 4, 2014.
- "Allahabad Bank on the Forbes Global 2000 List". Forbes. 31 May 2016. Retrieved 26 February 2014.
- Turnell (2009), p. 110.
- Standard Chartered Bank: A Story Brought Up To Date, Standard Chartered Bank (1980)p. 45.
- Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma. (NAIS Press). ISBN 9788776940409