About
Andhra Bank was established in 1923 in Machilipatnam, Andhra Pradesh. Now, its headquarter is in Hyderabad, Telangana. It is mid-size public sector bank that runs a healthy network of 2885 branches, 3798 ATM kiosks, 38 satellite offices, and 4 extension counters.
Andhra Bank offers its services in 3 Union Territories and 25 states. The bank began its operations in Himachal Pradesh and Tripura in 2011-12. Government of India disclosed the plans to merge the bank with Union Bank in August 2019.
Listing and Revenue
| Revenue | ₹20,977 crore |
| Operating Income | ₹5,023 crore |
| Net Income | ₹-2,786 crore |
| Total Assets | ₹249,311 crore |
Products and Services
Andhra Bank offers a large range of products and services like Consumer banking, Mortgage loans, Corporate banking, Finance and Insurance, Credit cards, Private banking, Investment banking, and Wealth management among others.
History
Andhra Bank was founded by Bhogaraju Pattabhi Sitaramayya. To start the institution, Raja Yarlagadda Sivarama Prasad committed the financial resources. The bank was registered on 20 November 1923 and started its operation in 28 November 1923. The bank started with a paid up capital of ₹100,000 (US$1,400) along with an authorised capital of ₹1 million (US$14,000).
Andhra Bank was nationalised in the second phase of nationalisation in April 1980. The bank was merged with Bharat Lakshmi Bank in 1964 to consolidate its foothold in Andhra Pradesh.
Awards and Recognition
Andhra Bank was awarded as the BEST BANK MID-SIZE in in Businessworld - Pricewaterhousecoopers Survey 2010.