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Corporation Bank

Corporation Bank[2] was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. 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

Corporation Bank was founded on 12 March 1906 in Udupi, with ₹5000 capital, Suryadev Sharma Bhumihar and Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the Swadeshi movement of Bal Gangadhar Tilak.[3] 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.[4]

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 inr 14590000000000 and 9,609 branches.[5][6] The Board of Directors of Andhra Bank approved the merger on 13 September.[7][8] The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.[9]

See also

External links

References

  1. Annual Report: 2018–19 Corporation Bank, retrieved 10 August 2019^
  2. A banker erased from memory Deccan Herald, February 25, 2011, retrieved April 10, 2019^
  3. History Corporation Bank, retrieved 15 September 2019^
  4. Corp Bank launches RuPay credit cards The Hindu Business Line, 2017-12-02, retrieved 2017-12-29^
  5. Government unveils mega bank mergers to revive growth from 5-year low The Times of India, 30 August 2019, retrieved 31 August 2019^
  6. Staff Writer. 10 public sector banks to be merged into four LiveMint, 30 August 2019, retrieved 31 August 2019^
  7. Andhra Bank board okays merger with UBI The Hindu, 13 September 2019, retrieved 13 September 2019^
  8. Andhra Bank board okays merger with Union Bank of India The Economic Times, 13 September 2019, retrieved 13 September 2019^
  9. Shayan Ghosh. Three banks announce merger ratios Livemint, 5 March 2020, retrieved 6 March 2020^