Canara Bank is an Indian state-owned bank headquartered in Bangalore, Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country. The government nationalized the bank in 1969. As of November 2015, the bank had a network of 5784 branches and more than 9153 ATMs spread across India. The bank also has offices abroad in London ,Hong Kong, Moscow, Shanghai, Doha, Bahrin , South africa, Dubai, and New York.
Ammembal Subba Rao Pai, a
philanthropist, established the Canara
Hindu Permanent Fund in Mangalore, India, on 1 July 1906.[2] The
bank changed its name to Canara Bank Limited in 1910 when it incorporated.
Canara
Bank's first acquisition took place in 1961 when it acquired Bank of Kerala. Bank of Kerala
had been founded in September 1944 and at the time of its acquisition on 20 May
1961 had three branches. The second bank that Canara Bank acquired was Seasia Midland Bank which had been established on 26 July
1930 and had seven branches at the time of its takeover.
In
1958, the Reserve Bank of India had ordered Canara Bank to acquire G. Raghumathmul Bank, in Hyderabad. This bank had been
established in 1870, and had converted to a limited company in 1925. At the
time of the acquisition G. Raghumathmul Bank had five branches.The merger took
effect in 1961. Later in 1961,
Canara Bank acquired Trivandrum
Permanent Bank. Trivandrum Permanent Bank had been founded on 7 February
1899 and had 14 branches at the time of the merger.
Next,
Canara Bank acquired four banks in 1963: the Sree
Poornathrayeesa Vilasam Bank, Thrippunithura, Arnad Bank,Tiruchirapalli, Cochin Commercial Bank, Cochin,
and Pandyan Bank, Madurai. Sree Poornathrayeesa Vilasam
Bank had been established on 21 February 1923 and at the time of its
acquisition it had 14 branches. Arnad Bank had been established on 23 December
1942 and at the time of its acquisition had only one branch. Cochin Commercial
Bank had been established on 3 January 1936, and at the time of its acquisition
had 13 branches.
The Government of India nationalised Canara Bank, along with
13 other major commercial banks of India, on 19 July 1969. In 1976, Canara Bank
inaugurated its 1000th branch. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue. This brought Canara Bank
some 230 branches in northern India.
Ammembal Subba Rao Pai, a
philanthropist, established the Canara
Hindu Permanent Fund in Mangalore, India, on 1 July 1906.[2] The
bank changed its name to Canara Bank Limited in 1910 when it incorporated.
Canara
Bank's first acquisition took place in 1961 when it acquired Bank of Kerala. Bank of Kerala
had been founded in September 1944 and at the time of its acquisition on 20 May
1961 had three branches. The second bank that Canara Bank acquired was Seasia Midland Bank which had been established on 26 July
1930 and had seven branches at the time of its takeover.
In
1958, the Reserve Bank of India had ordered Canara Bank to acquire G. Raghumathmul Bank, in Hyderabad. This bank had been
established in 1870, and had converted to a limited company in 1925. At the
time of the acquisition G. Raghumathmul Bank had five branches.The merger took
effect in 1961. Later in 1961,
Canara Bank acquired Trivandrum
Permanent Bank. Trivandrum Permanent Bank had been founded on 7 February
1899 and had 14 branches at the time of the merger.
Next,
Canara Bank acquired four banks in 1963: the Sree
Poornathrayeesa Vilasam Bank, Thrippunithura, Arnad Bank,Tiruchirapalli, Cochin Commercial Bank, Cochin,
and Pandyan Bank, Madurai. Sree Poornathrayeesa Vilasam
Bank had been established on 21 February 1923 and at the time of its
acquisition it had 14 branches. Arnad Bank had been established on 23 December
1942 and at the time of its acquisition had only one branch. Cochin Commercial
Bank had been established on 3 January 1936, and at the time of its acquisition
had 13 branches.
The Government of India nationalised Canara Bank, along with
13 other major commercial banks of India, on 19 July 1969. In 1976, Canara Bank
inaugurated its 1000th branch. In 1985, Canara Bank acquired Lakshmi Commercial Bank in a rescue. This brought Canara Bank
some 230 branches in northern India.
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