Corporation Bank 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. 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 capital,
Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the
Swadeshi movement of
Bal Gangadhar Tilak
Bal Gangadhar Tilak (; born Keshav Gangadhar Tilak (pronunciation: eʃəʋ ɡəŋɡaːd̪ʱəɾ ʈiɭək; 23 July 1856 – 1 August 1920), endeared as Lokmanya (IAST: ''Lokmānya''), was an Indian nationalist, teacher, and an independence a ...
.
On 14 November, Corporation Bank said it raised an amount of 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.
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 and 9,609 branches. The Board of Directors of Andhra Bank approved the merger on 13 September. The
Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.
See also
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Indian banking
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List of banks in India
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Economy of Mangalore
Industrial and commercial activities dominate Mangalore's economy. It is the only city in Karnataka to have all modes of transport — air, road, rail and sea. The fastest growing non metro (Indian city of population less than 1 million) in Sou ...
References
External links
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{{Banking in India
Defunct banks of India
Indian companies established in 1906
Banks established in 1906
Banks disestablished in 2020
Indian companies disestablished in 2020
Companies formerly listed on the Bombay Stock Exchange
Companies nationalised by the Government of India
Banks based in Karnataka
Companies based in Mangalore
Companies listed on the National Stock Exchange of India
Companies listed on the Bombay Stock Exchange