Effective April 1, 2020, all the branches of Allahabad Bank had started functioning as branches of Indian Bank.
Chennai-headquartererd public sector lender Indian Bank has said the increased lending capacity gained post Allahabad Bank amalgamation would be utilised to serve corporate and MSME sectors. The coming together of two banks rich in legacy from the pre-Independence era — Indian Bank with 113 years and Allahabad Bank with 155 years — has created a bank with sound financial strength, nationwide connectivity with 6,000 plus branches, over 4,800 ATMs, 43,000 employees serving 120 million customers and business mix of Rs 8 lakh crore, said Padmaja Chunduru, MD & CEO, Indian Bank.
The complementary branch presence has added to the network of Indian Bank in the northern, central and eastern states and the customers of both the banks will benefit from a wider geographical reach, she said. Effective April 1, 2020, all the branches of Allahabad Bank had started functioning as branches of Indian Bank. K Ramachandran, executive director of erstwhile Allahabad Bank has joined as ED of Indian Bank.
“We assure all that the bank would continue to deliver top grade products and services to all its customers. We deeply value the rich legacy of both the banks which give us a great platform to serve our clientele pan India,” Chunduru said.
The integration offers the bank a host of revenue and cost synergies. The realisable revenue synergies arise from harmonised and wider product offering, optimisation of operations, increased opportunities for cross-selling and technology spend optimisation.
The large branch network and BC network of both the banks spread over the length and breadth of the country will ensure full coverage of priority sectors. Customers of both the banks shall have access to a wider range of products and services. The HR policies and employee benefits have been harmonised and all employees will benefit from this integration, both in terms of benefits and investments in their training for talent and skill building, she said.