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Corporation Bank

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Corporation Bank
Company typePublic sector undertaking
BSE: 532179
NSE: CORPBANK
IndustryBanking
Financial services
Founded12 March 1906; 118 years ago (1906-03-12)
FounderKhan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur[1][2]
Defunct1 April 2020 (2020-04-01)
FateMerged with Union Bank of India
SuccessorUnion Bank of India
HeadquartersMangalore, Karnataka, India
Area served
India
Key people
P. V. Bharathi
(MD & CEO) [3]
Products
RevenueDecrease ₹17,494.70 crore (US$2.1 billion)(2019) [4]
Decrease ₹3,894.46 crore (US$470 million) (2019)[4]
Decrease ₹−6,332.98 crore (US$−760 million) (2019)[4]
Total assetsDecrease₹213,577.85 crore (US$26 billion) (2019)[4]
OwnerGovernment of India
Number of employees
18,935 (March 2019) [4]
Capital ratio12.30% (2019)[4]
Websitewww.corpbank.com

Corporation Bank[5] was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country.[6] In 2019, finance minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into the Union Bank of India, with all their branches becoming branches of the latter on 1 April 2020.

History

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Corporation Bank was founded on 12 March 1906 in Udupi, with ₹5,000 capital, Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the Swadeshi movement of Bal Gangadhar Tilak.[7]

On 14 November, Corporation Bank said it raised an amount of ₹500 crore of the Basel III compliant Tier-II Bonds (Series1) and the same has been allotted by the Securities Allotment Committee of the Board of the Bank.

On 2 December 2017, Corporation Bank launched its RuPay Select and RuPay Platinum credit cards. RuPay credit cards are accepted at all RuPay-enabled 1.5 million-plus PoS terminals and 80,000-plus e-commerce merchants in India and all ICS Partner acceptance points (POS, e-commerce merchants) globally.[8]

On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into Union Bank of India. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of ₹14.59 lakh crore (US$170 billion) and 9,609 branches.[9][10] The Board of Directors of Andhra Bank approved the merger on 13 September.[11][12] The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.[13]

See also

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References

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  1. ^ "Brief Life Story, Haji Abdullah Haji Kasim Saheb Bahadur". Archived from the original on 10 April 2019. Retrieved 10 April 2019.
  2. ^ Corporation Bank founder Haji Abdullah.
  3. ^ "PV Bharathi assumes charge as Corp Bank MD". thehindubusinessline. 3 February 2019. Retrieved 5 February 2019. She will remain in the post till March 31, 2020, the date of her superannuation.
  4. ^ a b c d e f "Annual Report: 2018–19" (PDF). Corporation Bank. Archived from the original (PDF) on 10 August 2019. Retrieved 10 August 2019.
  5. ^ "A banker erased from memory". Deccan Herald. 25 February 2011. Retrieved 10 April 2019.
  6. ^ Market, Capital (23 December 2017). "Board of Corporation Bank approves raising of capital". Business Standard India. Retrieved 29 December 2017.
  7. ^ "History". Corporation Bank. Archived from the original on 12 May 2020. Retrieved 15 September 2019.
  8. ^ "Corp Bank launches RuPay credit cards". The Hindu Business Line. 2 December 2017. Retrieved 29 December 2017.
  9. ^ "Government unveils mega bank mergers to revive growth from 5-year low". The Times of India. PTI. 30 August 2019. Retrieved 31 August 2019.
  10. ^ Staff Writer (30 August 2019). "10 public sector banks to be merged into four". LiveMint. Retrieved 31 August 2019.
  11. ^ "Andhra Bank board okays merger with UBI". The Hindu. 13 September 2019. Retrieved 13 September 2019.
  12. ^ "Andhra Bank board okays merger with Union Bank of India". The Economic Times. 13 September 2019. Retrieved 13 September 2019.
  13. ^ Ghosh, Shayan (5 March 2020). "Three banks announce merger ratios". Livemint. Retrieved 6 March 2020.
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