ALLAHABAD BANk (An Overview)
Allahabad Bank, established in 1865, is the first fully Indian owned bank of India. It is an Oldest Joint Stock Bank of the Country, which 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.
But at present, banks are passing through a very interesting phase; there is a transition from banking to financial services. As this is an age when the world has become a global village and money can move as quickly as information; thus, meeting world requirement has become a huge challenge for international players. So, banks are uniquely poised to broaden their product lines into complete offerings that would go under the rubric of financial services. But underlying this is the need to have sound fundamentals. There is no doubt that only those banks/financial institutions, which are focused on efficiency; productivity and profitability, have a chance to survive in this highly competitive market because now-a-days, banking is not just confined to acceptance of deposit for purpose of lending, it refers to intermediating and managing risk.
Allahabad Bank, established in 1865, is the first fully Indian owned bank of India. It is an Oldest Joint Stock Bank of the Country, which 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.
But at present, banks are passing through a very interesting phase; there is a transition from banking to financial services. As this is an age when the world has become a global village and money can move as quickly as information; thus, meeting world requirement has become a huge challenge for international players. So, banks are uniquely poised to broaden their product lines into complete offerings that would go under the rubric of financial services. But underlying this is the need to have sound fundamentals. There is no doubt that only those banks/financial institutions, which are focused on efficiency; productivity and profitability, have a chance to survive in this highly competitive market because now-a-days, banking is not just confined to acceptance of deposit for purpose of lending, it refers to intermediating and managing risk.
Allahabad Bank has been actively and efficiently participating in this present competitive financial market and its success is evident from the following:
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.
October’2006: Rolled out first Branch under CBS, now we have 18 CBS branches.
Febury’2007: The Bank opened its first overseas branch at Hong Kong.Dec’2008: Bank's business crossed Rs.250000 crores mark.
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.
October’2006: Rolled out first Branch under CBS, now we have 18 CBS branches.
Febury’2007: The Bank opened its first overseas branch at Hong Kong.Dec’2008: Bank's business crossed Rs.250000 crores mark.
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