Allahabad Bank
A tradition of trust
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|
| Public | |
| Traded as | : , : ALBK |
| Industry | Banking, Financial services |
| Founded | 24 April 1865 in Allahabad |
| Headquarters | Kolkata, India |
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Number of locations
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3,071 branches (2015) |
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Key people
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Rakesh Sethi (Chairman and MD); |
| Services | |
| Revenue |  ₹189.13 billion (US$2.8 billion) (2013) |
 ₹33.85 billion (US$500 million) (2013) |
|
|
₹11.85 billion (US$180 million) (2013) |
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| Total equity |
₹5 billion (US$74 million) (2013) |
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Number of employees
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22,557 (March 2013) |
| Website | allahabadbank |
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.
The bank's market capitalisation in May 2016 was US$543 million and it ranked #1834 on the Forbes Global 2000 list.
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.
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.
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