About
Corporation Bank had its headquarters in Mangalore. The bank was founded in 1906 in Udupi, Karnataka. The operates with a pan India presence of 4724 domestic banking branches, 2432 fully automated CBS branches, and 3040 ATMs.
On 1 April 2020, along with Andhra Bank, Corporation Bank was merged into Union Bank of India and became one entity. After the merger, Union Bank became India's fifth largest bank.
Listing and Revenue
Corporation Bank is listed on both BSE and NSE.
| Revenue | ₹17,494 crore |
| Operating Income | ₹3,894 crore |
| Net Income | ₹-6,332crore |
| Total Assets | ₹2,13,577 crore |
Products and Services
Corporation Bank offered end-to-end personal and commercial banking solutions. It offered wide array of personal, auto, home, and business loans. Its personal banking services included savings account, debit card, fixed deposit, recurring deposit, and more.
History
Corporation Bank was founded in Udupi on 12 March 1906. Its founding president was Haji Abdulla Haji Khasim Saheb Bahadur who started the bank with a capital of Rs 5,000. The bank was guided by the swadeshi movement of Bal Gangdhar Tilak.
Corporation Bank raised Rs 500 crore of Basel III compliant Tier-II Bonds (Series1). The bands were allotted by Securities Allotment Committee of the Board of the Bank.
The bank launched RuPay Platinum and RuPay Select credit cards on 2 December 2017. The cards were acceptable at over 1.5 million RuPay-enabled PoS terminal and over 80,000 eCommerce merchants across India.
Awards and Recognition
The Bank has bagged Best Social Bank Award-Winner, Best Rural Bank Award-Winner and Best Bank for participation in Govt. Schemes Award-Winner under mid-sized category.
The Bank has bagged National Payments Excellence Awards 2015 instituted by National Payments Corporation of India (NPCI).
The Bank has won IBA Banking Technology Award 2012-13 for “Best Use of Mobility Technology in Banking”. Indian Banks’ Association (IBA) gives away this award to the Banks to encourage the use of technological innovations for the benefit of customers. The Bank has bagged the 2nd Runner Up in Public Sector Banks (PSB) category.
Subsidiaries
The Bank has one Subsidiary viz. CorpBank Securities Ltd formed as a Primary Dealer to deal in Government Securities. The Subsidiary has recorded impressive performance over the years.