Corporation Bank was a public-sector banking company headquartered in

Mangalore, India Mangalore (), officially known as Mangaluru, is a major port city of the Indian state of Karnataka. It is located between the Arabian Sea and the Western Ghats about west of Bangalore, the state capital, 20 km north of Karnataka–Ker ...

. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated

CBS CBS Broadcasting Inc., commonly shortened to CBS, the abbreviation of its former legal name Columbia Broadcasting System, is an American commercial broadcast television and radio network serving as the flagship property of the CBS Entertainm ...

branches, 3,040 ATMs, and 4,724 branchless banking units across the country. In 2019,

finance minister A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...

Nirmala Sitharaman Nirmala Sitharaman (born 18 August 1959) is an Indian economist and politician serving as the Minister of Finance and Corporate Affairs of India since 2019. She is a member of the Rajya Sabha, upper house of the Indian Parliament, since 2014. ...

announced that Corporation Bank and

Andhra Bank Andhra Bank was a medium-sized public sector bank (PSB) of India, with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 automated teller machines (ATMs) as of 31 March 2019. During 2011–12, the bank entered t ...

would be merged into the

Union Bank of India Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian public sector bank headquartered in Mumbai. It has 120+ million customers and a total business of US$106 billion. After the amalgamation with Corporation Bank and A ...

, with all their branches becoming branches of the latter on 1 April 2020.

History

Corporation Bank was founded on 12 March 1906 in

Udupi Udupi (alternate spelling Udipi; also known as Odipu) is a city in the Indian state of Karnataka. Udupi is situated about north of the educational, commercial and industrial hub of Mangalore and about west of state capital Bangalore by road. ...

, with capital, Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the

Swadeshi movement The Swadeshi movement was a self-sufficiency movement that was part of the Indian independence movement and contributed to the development of Indian nationalism. Before the BML Government's decision for the partition of Bengal was made public in ...

of Bal Gangadhar Tilak. 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 RuPay ''(portmanteau of Rupee and Payment)'' is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil th ...

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 A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...

announced that Corporation Bank and

would be merged into

. 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 The Union Council of Ministers Article 58 of the ''Constitution of India'' is the principal executive organ of the Government of India, which is responsible for being the senior decision making body of the executive branch. It is chaired by t ...

approved the merger on 4 March, and it was completed on 1 April 2020.

References

External links

* {{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

History

See also

References

External links