Ajay Kumar at 05:25, 23 August 2023

2023-08-23T05:25:09Z

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{{short description|Indian public-sector banking company}}
{{Use dmy dates|date=October 2015}}
{{Use Indian English|date=June 2013}}
{{Infobox company
| name = Corporation Bank
| logo = Corporation Bank Logo.svg
| image = Corporation Bank Head Office in Mangalore.jpg
| image_caption = Corporation Bank headquarters in [[Mangalore]]
| type = [[Public sector undertakings in India|Public sector undertaking]]
| traded_as = {{BSE|532179}}<br />{{NSE|CORPBANK}}
| industry = [[Banking]]<br />[[Financial services]]
| fate = Merged with [[Union Bank of India]]
| successor = [[Union Bank of India]]
| founded = {{Start date and years ago|df=yes|1906|03|12}}
| 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>
| 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>
| 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" />
| assets = {{decrease}}{{INRConvert|213577.85|c}} (2019)<ref name="Annual Report 2018-19" />
| equity =
| num_employees = 18,935 (March 2019) <ref name="Annual Report 2018-19" />
| branches =
| ratio = 12.30% (2019)<ref name="Annual Report 2018-19" />
| 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> 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 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}}</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|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>

==See also==
{{Portal|Banks}}
*[[Indian banking]]
*[[List of banks in India]]
*[[Economy of Mangalore]]

==References==
{{reflist}}

==External links==
*{{commons category-inline}}

{{Banking in India}}

[[Category:Defunct banks of India]]
[[Category:Indian companies established in 1906]]
[[Category:Banks established in 1906]]
[[Category:Banks disestablished in 2020]]
[[Category:Indian companies disestablished in 2020]]
[[Category:Companies nationalised by the Government of India]]
[[Category:Banks based in Karnataka]]
[[Category:Companies based in Mangalore]]
[[Category:Companies formerly listed on the Bombay Stock Exchange]]
[[Category:Companies formerly listed on the National Stock Exchange of India]]

Corporation Bank - Revision history

Ajay Kumar at 05:25, 23 August 2023