Corporation Bank: Difference between revisions

Corporation Bank
	Corporation Bank headquarters in Mangalore
Company type	Public sector undertaking
Traded as	BSE: 532179; NSE: CORPBANK
Industry	Banking; Financial services
Founded	12 March 1906; 118 years ago
Founder	Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur
Defunct	1 April 2020
Fate	Merged with Union Bank of India
Successor	Union Bank of India
Headquarters	Mangalore, Karnataka, India
Area served	India
Key people	P. V. Bharathi; (MD & CEO)
Products	Online banking; Retail banking; Corporate banking; Finance and insurance; Investment banking; Mortgage loans; Private banking; Private equity; Savings; Securities; Asset management; Wealth management; Credit cards;
Revenue	₹17,494.70 crore (US$2.1 billion)(2019)
Operating income	₹3,894.46 crore (US$470 million) (2019)
Net income	₹−6,332.98 crore (US$−760 million) (2019)
Total assets	₹213,577.85 crore (US$26 billion) (2019)
Owner	Government of India
Number of employees	18,935 (March 2019)
Capital ratio	12.30% (2019)
Website	www.corpbank.com

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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

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]

References

^ "Brief Life Story, Haji Abdullah Haji Kasim Saheb Bahadur". Archived from the original on 10 April 2019. Retrieved 10 April 2019.
^ Corporation Bank founder Haji Abdullah.
^ "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.
^ ^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.
^ "A banker erased from memory". Deccan Herald. 25 February 2011. Retrieved 10 April 2019.
^ Market, Capital (23 December 2017). "Board of Corporation Bank approves raising of capital". Business Standard India. Retrieved 29 December 2017.
^ "History". Corporation Bank. Archived from the original on 12 May 2020. Retrieved 15 September 2019.
^ "Corp Bank launches RuPay credit cards". The Hindu Business Line. 2 December 2017. Retrieved 29 December 2017.
^ "Government unveils mega bank mergers to revive growth from 5-year low". The Times of India. PTI. 30 August 2019. Retrieved 31 August 2019.
^ Staff Writer (30 August 2019). "10 public sector banks to be merged into four". LiveMint. Retrieved 31 August 2019.
^ "Andhra Bank board okays merger with UBI". The Hindu. 13 September 2019. Retrieved 13 September 2019.
^ "Andhra Bank board okays merger with Union Bank of India". The Economic Times. 13 September 2019. Retrieved 13 September 2019.
^ Ghosh, Shayan (5 March 2020). "Three banks announce merger ratios". Livemint. Retrieved 6 March 2020.

External links

Media related to Corporation Bank at Wikimedia Commons

[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.

[Annual_Report_2018-19-4] ^ ^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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@@ Line 7: / Line 7: @@
 | image            = Corporation Bank Head Office in Mangalore.jpg
 | image_caption    = Corporation Bank headquarters in [[Mangalore]]
-| type             = [[Subsidiary]] of [[Union Bank of India]]
+| type             = [[Public sector undertakings in India|Public sector undertaking]]
 | traded_as        = {{BSE|532179}}<br />{{NSE|CORPBANK}}
 | industry         = [[Banking]]<br />[[Financial services]]
@@ Line 13: / Line 13: @@
 | successor        = [[Union Bank of India]]
 | founded          = {{Start date and years ago|df=yes|1906|03|12}}
-| location         = [[Mangalore, Karnataka]], India
+| location         = [[Mangalore]], [[Karnataka]], India
-| founder          = Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur<ref>[https://www.udupipages.com/art-culture/personality/haji-abdullah-haji-kasim-saheb-bahadur.php Brief Life Story, Haji Abdullah Haji Kasim Saheb Bahadur.]</ref><ref>[https://www.daijiworld.com/news/newsDisplay.aspx?newsID=479100 Corporation Bank founder Haji Abdullah.]</ref>
+| founder          = [[Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur]]<ref>{{Cite web |url=https://www.udupipages.com/art-culture/personality/haji-abdullah-haji-kasim-saheb-bahadur.php |title=Brief Life Story, Haji Abdullah Haji Kasim Saheb Bahadur. |access-date=10 April 2019 |archive-date=10 April 2019 |archive-url=https://web.archive.org/web/20190410054502/https://www.udupipages.com/art-culture/personality/haji-abdullah-haji-kasim-saheb-bahadur.php |url-status=dead }}</ref><ref>[https://www.daijiworld.com/news/newsDisplay.aspx?newsID=479100 Corporation Bank founder Haji Abdullah.]</ref>
 | defunct          = {{End date|df=yes|2020|04|01}}
 | area_served      = India
 | key_people       = P. V. Bharathi<br>{{small|([[Managing Director|MD]] & [[CEO]])}} <ref>{{cite news |title=PV Bharathi assumes charge as Corp Bank MD |url=https://www.thehindubusinessline.com/money-and-banking/pv-bharathi-assumes-charge-as-corporation-bank-ceo/article26167427.ece/amp/ |date=3 February 2019|website=thehindubusinessline|access-date=5 February 2019 |quote=She will remain in the post till March 31, 2020, the date of her superannuation.}}</ref>
 | products         = {{Bulleted_list|[[Online banking]]|[[Retail banking]]|[[Commercial bank|Corporate banking]]|[[Financial services|Finance and insurance]]|[[Investment banking]]|[[Mortgage loan]]s|[[Private banking]]|[[Private equity]]|[[Savings]]|[[Securities]]|[[Asset management]]|[[Wealth management]]|[[Credit card]]s}}
-| revenue          = {{decrease}} {{INRConvert|17494.70|c}}(2019) <ref name="Annual Report 2018-19">{{cite web |title=Annual Report: 2018–19 |url=https://corpbank.com/sites/default/files/corpbank-page-files/corp_bk_ar_2018-19.pdf |website=Corporation Bank |access-date=10 August 2019}}</ref>
+| revenue          = {{decrease}} {{INRConvert|17494.70|c}}(2019) <ref name="Annual Report 2018-19">{{cite web |title=Annual Report: 2018–19 |url=https://corpbank.com/sites/default/files/corpbank-page-files/corp_bk_ar_2018-19.pdf |website=Corporation Bank |access-date=10 August 2019 |archive-date=10 August 2019 |archive-url=https://web.archive.org/web/20190810204151/https://corpbank.com/sites/default/files/corpbank-page-files/corp_bk_ar_2018-19.pdf |url-status=dead }}</ref>
 | operating_income = {{decrease}} {{INRConvert|3894.46|c}} (2019)<ref name="Annual Report 2018-19" />
 | net_income       = {{decrease}} {{INRConvert|-6332.98|c}} (2019)<ref name="Annual Report 2018-19" />
@@ Line 27: / Line 27: @@
 | branches         =
 | ratio            = 12.30% (2019)<ref name="Annual Report 2018-19" />
-| owner            = [[Union Bank of India]], [[Ministry of Finance (India)|Ministry of Finance]], [[Government of India]]
+| owner            = [[Government of India]]
 | homepage         = {{URL|www.corpbank.com}}
 }}
-'''Corporation Bank'''<ref>{{cite news |title=A banker erased from memory |url=https://www.deccanherald.com/content/141131/a-banker-erased-memory.html |date=February 25, 2011 |newspaper=[[Deccan Herald]] |access-date=April 10, 2019}}</ref> is a wholly owned [[subsidiary]] of [[Union Bank of India]] which is under the [[ownership]] of [[Ministry of Finance (India)|Ministry of Finance]] of the [[Government of India]] headquartered in [[Mangalore, India]]. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated [[Core banking|CBS]] branches, 3,040 [[Automated teller machine|ATMs]], and 4,724 branchless banking units across the country.<ref>{{Cite news|url=http://www.business-standard.com/article/news-cm/board-of-corporation-bank-approves-raising-of-capital-117122300216_1.html|title=Board of Corporation Bank approves raising of capital|last=Market|first=Capital|date=2017-12-23|work=Business Standard India|access-date=2017-12-29}}</ref> In 2019, [[Minister of Finance (India)|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.
+'''Corporation Bank'''<ref>{{cite news |title=A banker erased from memory |url=https://www.deccanherald.com/content/141131/a-banker-erased-memory.html |date=February 25, 2011 |newspaper=[[Deccan Herald]] |access-date=April 10, 2019}}</ref> 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 [[Core banking|CBS]] branches, 3,040 [[Automated teller machine|ATMs]], and 4,724 branchless banking units across the country.<ref>{{Cite news|url=http://www.business-standard.com/article/news-cm/board-of-corporation-bank-approves-raising-of-capital-117122300216_1.html|title=Board of Corporation Bank approves raising of capital|last=Market|first=Capital|date=2017-12-23|work=Business Standard India|access-date=2017-12-29}}</ref> In 2019, [[Minister of Finance (India)|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 {{INR|5000}} capital, Haji Abdulla Haji Khasim Saheb Bahadur as founding president,  and guided by the principles of the [[Swadeshi movement]] of [[Bal Gangadhar Tilak]].<ref>{{cite web |title=History |url=https://corpbank.com/history |website=Corporation Bank |access-date=15 September 2019}}</ref>
+Corporation Bank was founded on 12 March 1906 in [[Udupi]], with {{INR|5000}} capital, [[Haji Abdullah|Haji Abdulla Haji Khasim Saheb Bahadur]] as founding president,  and guided by the principles of the [[Swadeshi movement]] of [[Bal Gangadhar Tilak]].<ref>{{cite web |title=History |url=https://corpbank.com/history |website=Corporation Bank |access-date=15 September 2019 |archive-date=12 May 2020 |archive-url=https://web.archive.org/web/20200512042151/https://corpbank.com/history |url-status=dead }}</ref>
 On 14 November, Corporation Bank said it raised an amount of {{INR|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.<ref>{{Cite news|url=http://www.thehindubusinessline.com/money-and-banking/corp-bank-launches-rupay-credit-cards/article9980178.ece|title=Corp Bank launches RuPay credit cards|last=Bureau|first=Our|date=2017-12-02|work=The Hindu Business Line|access-date=2017-12-29|language=en}}</ref>
+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.<ref>{{Cite news|url=http://www.thehindubusinessline.com/money-and-banking/corp-bank-launches-rupay-credit-cards/article9980178.ece|title=Corp Bank launches RuPay credit cards|date=2017-12-02|work=The Hindu Business Line|access-date=2017-12-29|language=en}}</ref>
 On 30 August 2019, [[Minister of Finance (India)|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 {{INRConvert|14.59|lc}} and 9,609 branches.<ref>{{cite news |title=Government unveils mega bank mergers to revive growth from 5-year low |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |date=30 August 2019 |newspaper=[[The Times of India]] |agency=[[Press Trust of India|PTI]] |access-date=31 August 2019}}</ref><ref>{{cite news |author=Staff Writer |title=10 public sector banks to be merged into four |url=https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html |date=30 August 2019 |website=[[Mint (newspaper)|LiveMint]] |access-date=31 August 2019 |language=en}}</ref> The Board of Directors of Andhra Bank approved the merger on 13 September.<ref>{{cite news |title=Andhra Bank board okays merger with UBI |url=https://www.thehindu.com/business/andhra-bank-board-okays-merger-with-ubi/article29411194.ece |newspaper=The Hindu |access-date=13 September 2019 |language=en-IN |date=13 September 2019}}</ref><ref>{{cite news |title=Andhra Bank board okays merger with Union Bank of India |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/andhra-bank-board-okays-merger-with-union-bank-of-india/articleshow/71117490.cms |newspaper=The Economic Times |access-date=13 September 2019 |date=13 September 2019}}</ref> The [[Union Council of Ministers|Union Cabinet]] approved the merger on 4 March, and it was  completed on 1 April 2020.<ref>{{cite web |last1=Ghosh |first1=Shayan |title=Three banks announce merger ratios |url=https://www.livemint.com/market/stock-market-news/two-anchor-banks-pnb-union-bank-of-india-disclose-merger-ratios-11583413469591.html |website=Livemint |access-date=6 March 2020 |language=en |date=5 March 2020}}</ref>
@@ Line 61: / Line 61: @@
 [[Category:Banks disestablished in 2020]]
 [[Category:Indian companies disestablished in 2020]]
-[[Category:Companies formerly listed on the Bombay Stock Exchange]]
 [[Category:Companies nationalised by the Government of India]]
 [[Category:Banks based in Karnataka]]
 [[Category:Companies based in Mangalore]]
-[[Category:Companies listed on the National Stock Exchange of India]]
+[[Category:Companies formerly listed on the Bombay Stock Exchange]]
-[[Category:Companies listed on the Bombay Stock Exchange]]
+[[Category:Companies formerly listed on the National Stock Exchange of India]]

Latest revision as of 08:32, 24 December 2023

History

See also

References

External links