Date

Event

April 24, 1865

Allahabad Bank, was established in Allahabad by a group of Europeans with a subscribed capital of Rs. 0.2 million.

1890’s

By the end of 19th Century, the Bank had its branches at Jhansi, Kanpur, Lucknow , Bareilly, Nainital, Calcutta and Delhi.

1900’s

Allahabad Bank witnessed a spurt in deposits during the Swadeshi movement and its reserve fund rose to Rs. 3 million in 1910.

1910’s

The Bank pulled through the world-wide monetary crisis in 1913 with sound banking policies.

1920’s

In 1920, the P & O Banking Corporation made an offer of affiliation with a bid price of Rs. 436 per share and the Bank became a part of P & O Banking Corporation’s group.

March 3, 1923

On business considerations and for operational convenience, the Head Office and the Registered Office of the Bank was shifted to Calcutta.

1927

The Bank became a part of the Chartered Bank group, when Chartered Bank acquired the controlling interest in the P & O Banking Corporation.

September, 1964

The Bank opened its 100^th office at Ranchi.

July 19, 1969

The Bank was nationalised on July 19, 1969, along with 13 other major commercial banks. At the time of nationalisation, the Bank had a network of 151 branches, deposits of Rs. 1189.9 million and advances of Rs. 820 million. These constituted 1.8%, 2.5% and 2.3% of the banking system respectively.

April 3, 1982

The Bank opened its 1000 branch on April 3, 1982. The Bank also opened specialised branches, such as Industrial Finance Branches, International Branches, Finance Branches, Recovery Branches, Industrial Finance-and -International Branches, NRI BranchesSpecialised Personal Banking Branches, Specialised Savings Bank Branches, Quick Collection Service Branches, Trading Finance Branches and Service Branches.

1984

The Bank made a foray into merchant banking activity in 1984 and subsequently transferred the merchant banking activities to AllBank Finance Limited, a wholly owned subsidiary, in 1991.

October 1989

United Industrial Bank Limited was amalgamated into Allahabad Bank.

October, 2002

In 2002, the Bank came out with its first initial public offering of shares which resulted in the reduction of the government’s shareholding in the Bank and in 2005 the Bank came out with its follow-on Public Offer of ten crore equity shares of Rs.10/- each at a price of Rs.82/- per share. The issue was over subscribed by more than 9 times reducing the Govt. shareholding to 55.23%

Present Status

At present, the Bank has 2060 branches and 44 Zonal Offices 6 Staff Training Colleges (including one for technology) and 3 Staff Training centers for imparting training and upgradation of knowledge base of human resources. A number of Bank’s branches and offices are housed in the Bank’s owned premises situated at prime locations in major cities of the country.