Founded in Allahabad in 1865, Allahabad Bank is a nationalized bank with its headquarters in Kolkata, India. As of 31 March 2012, Allahabad Bank had over 2,500 branches across India. The bank did a total business of INR 3.1 trillion during the FY 2012-13. The bank has a branch in Hong Kong and a representative office in Shenzen.
The bank's market capitalization in May 2016 was US$543 million and it ranked #1834 on the Forbes Global 2000 list.
The government's ownership of Allahabad Bank shrank in October 2002 after the bank engaged in an Initial Public Offering (IPO) of ₹100 million (US$1.6 million) of shares, each with a face value ₹ 10. The IPO reduced the Government's shareholding to 71.16%. Then in April 2005 the bank conducted a second public offering of ₹ 100 million of shares, each with a face value ₹ 10 and selling at a premium of ₹ 72. This offering reduced the Government's ownership to 55.23%.
In June 2006 the bank opened its first office outside India when it opened a representative office in Shenzen, Mainland China. In February 2007, Allahabad Bank opened its first overseas branch, in Hong Kong. In March, the bank's business crossed the ₹ 10 million million mark.
As on 31 March 2013, the bank had 22,557 employees, out of which 3,293 were women (15%). Out of the total employees, 51% were officers, 30% were clerks and remaining 19% were subordinate staff. The bank recruited 1,950 employees (1,421 Officers, 390 Clerks and 139 subordinate staff) during the same financial year. The company incurred INR 20 billion on employee benefit expenses during the same financial year.During the FY 2013-14, the business per employee was INR 13.50 crores and it earned a net profit of INR 4.77 lakhs per employee.