PUBLIC SECTOR BANKS OF INDIA – ALLAHABAD BANK
Allahabad Bank, which began operations in 1865, now has its head-quarters in Kolkata. And Currently the bank has 2419 branches across the country. The Chairman and Managing Director of the bank is Shri J P Dua. The bank has a branch in Hong Kong and a representative office in Shenzen. On 24 April 1865, A group of Europeans at Allahabad founded Allahabad Bank. Allahabad Bank is therefore now the oldest joint stock bank in India.
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%. And in 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%.
In 2006,The Bank Transcended beyond the National Boundary, opening Representative Office at Shenzen, China also. In Oct, 2006 Rolled out first Branch under CBS. In February, 2007 The Bank opened its first overseas branch at Hong Kong. In March 2007 Bank’s business crossed Rs.1,00,000 crores.