Corporation Bank
| Company type | Public sector bank |
|---|---|
| Industry | Banking, Financial services |
| Founded | March 12, 1906 in Udupi, India |
| Founder | Suryadev Sharma Bhumihar, Haji Abdulla Haji Khasim Saheb Bahadur |
| Defunct | April 1, 2020 |
| Fate | Merged with Union Bank of India |
| Headquarters | Mangalore , India |
Area served | India |
| Products | Banking, Financial services |
Corporation Bank functioned as a public-sector banking institution headquartered in Mangalore, India, maintaining operations across the entire country. Its network included 2,432 fully computerized CBS branches, 3,040 ATMs, and 4,724 branchless banking outlets distributed nationwide. In 2019, the finance minister, Nirmala Sitharaman, declared the integration of Corporation Bank and Andhra Bank into Union Bank of India, effective from 1 April 2020, thereby unifying their branch networks under Union Bank.
History
Established on 12 March 1906 in Udupi, Corporation Bank began with initial capital, guided by founding leaders Suryadev Sharma Bhumihar and Haji Abdulla Haji Khasim Saheb Bahadur. The bank’s inception was inspired by the Swadeshi movement led by Bal Gangadhar Tilak.
On 14 November, the bank secured funds through Basel III-compliant Tier-II Bonds (Series1), following approval from the Securities Allotment Committee.
Corporation Bank introduced RuPay Select and RuPay Platinum credit cards on 2 December 2017. These cards are accepted at more than 1.5 million RuPay-enabled point-of-sale terminals and 80,000 e-commerce platforms across India, as well as at ICS Partner acceptance locations worldwide.
The merger announcement was made on 30 August 2019 by Finance Minister Nirmala Sitharaman, combining Corporation Bank and Andhra Bank with Union Bank of India to form the fifth largest public sector bank in India, possessing assets worth and a total of 9,609 branches. Andhra Bank’s board gave its consent on 13 September, followed by the Union Cabinet’s approval on 4 March. The merger was finalized on 1 April 2020.
See also
External links
- Defunct banks of India
- Indian companies established in 1906
- Banks established in 1906
- Banks disestablished in 2020
- Indian companies disestablished in 2020
- Companies nationalised by the Government of India
- Banks based in Karnataka
- Companies based in Mangalore
- Companies formerly listed on the Bombay Stock Exchange
- Companies formerly listed on the National Stock Exchange of India