 | |
 Corporation Bank headquarters inMangalore | |
| Company type | Public sector undertaking |
|---|---|
| BSE: 532179 NSE: CORPBANK | |
| Industry | Banking Financial services |
| Founded | 12 March 1906; 119 years ago (1906-03-12) |
| Founder | Suryadev Sharma Bhumihar,Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur |
| Fate | Merged withUnion Bank of India |
| Successor | Union Bank of India |
| Headquarters | Mangalore,Karnataka, India |
| Products | |
| Revenue |  ₹17,494.70 crore (US$2.0 billion)(2019)[1] |
| ₹3,894.46 crore (US$450 million) (2019)[1] | |
| ₹−6,332.98 crore (US$−740 million) (2019)[1] | |
| Total assets | ₹213,577.85 crore (US$25 billion) (2019)[1] |
| Total equity | 1000 crore |
| Owner | Government of India |
Number of employees | 18,935 (March 2019)[1] |
| Capital ratio | 12.30% (2019)[1] |
| Website | www |
Corporation Bank[2] was a public-sector banking company headquartered inMangalore, India. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automatedCBS branches, 3,040ATMs, and 4,724 branchless banking units across the country.[3] In 2019,finance ministerNirmala Sitharaman announced that Corporation Bank andAndhra Bank would be merged into theUnion Bank of India, with all their branches becoming branches of the latter on 1 April 2020.
Corporation Bank was founded on 12 March 1906 inUdupi, with₹5,000 capital, Suryadev Sharma Bhumihar andHaji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of theSwadeshi movement ofBal Gangadhar Tilak.[4]
On 14 November, Corporation Bank said it raised an amount of₹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 andRuPay 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.[5]
On 30 August 2019,Finance MinisterNirmala Sitharaman announced that Corporation Bank andAndhra Bank would be merged intoUnion Bank of India. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of₹14.59 lakh crore (US$170 billion) and 9,609 branches.[6][7] The Board of Directors of Andhra Bank approved the merger on 13 September.[8][9] TheUnion Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.[10]
Media related toCorporation Bank at Wikimedia Commons
