Corporation Bank

{{Infobox company

| name = Corporation Bank

| logo = Corporation Bank Logo.svg

| image = Corporation Bank Head Office in Mangalore.jpg

| image_caption = Corporation Bank headquarters in Mangalore

| type = Public sector undertaking

| traded_as = {{BSE|532179}}
{{NSE|CORPBANK}}

| industry = Banking
Financial services

| fate = Merged with Union Bank of India

| successor = Union Bank of India

| founded = {{Start date and years ago|df=yes|1906|03|12}}

| location = Mangalore, Karnataka, India

| founder = Suryadev Sharma Bhumihar,

Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur

| products = {{Bulleted_list|Online banking|Retail banking|Corporate banking|Finance and insurance|Investment banking|Mortgage loans|Private banking|Private equity|Savings|Securities|Asset management|Wealth management|Credit cards}}

| revenue = {{decrease}} {{INRConvert|17494.70|c}}(2019) {{cite web |title=Annual Report: 2018–19 |url=https://corpbank.com/sites/default/files/corpbank-page-files/corp_bk_ar_2018-19.pdf |website=Corporation Bank |access-date=10 August 2019 |archive-date=10 August 2019 |archive-url=https://web.archive.org/web/20190810204151/https://corpbank.com/sites/default/files/corpbank-page-files/corp_bk_ar_2018-19.pdf |url-status=dead }}

| operating_income = {{decrease}} {{INRConvert|3894.46|c}} (2019)

| net_income = {{decrease}} {{INRConvert|-6332.98|c}} (2019)

| assets = {{decrease}}{{INRConvert|213577.85|c}} (2019)

| equity = 1000 crore

| num_employees = 18,935 (March 2019)

| branches =

| ratio = 12.30% (2019)

| owner = Government of India

| homepage = {{URL|www.corpbank.com}}

}}

Corporation Bank{{cite news |title=A banker erased from memory |url=https://www.deccanherald.com/content/141131/a-banker-erased-memory.html |date=February 25, 2011 |newspaper=Deccan Herald |access-date=April 10, 2019}} was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country.{{Cite news|url=http://www.business-standard.com/article/news-cm/board-of-corporation-bank-approves-raising-of-capital-117122300216_1.html|title=Board of Corporation Bank approves raising of capital|last=Market|first=Capital|date=2017-12-23|work=Business Standard India|access-date=2017-12-29}} In 2019, finance minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into the Union Bank of India, with all their branches becoming branches of the latter on 1 April 2020.

History

Corporation Bank was founded on 12 March 1906 in Udupi, with {{INR|5000}} capital, Suryadev Sharma Bhumihar and Haji Abdulla Haji Khasim Saheb Bahadur as founding president, and guided by the principles of the Swadeshi movement of Bal Gangadhar Tilak.{{cite web |title=History |url=https://corpbank.com/history |website=Corporation Bank |access-date=15 September 2019 |archive-date=12 May 2020 |archive-url=https://web.archive.org/web/20200512042151/https://corpbank.com/history |url-status=dead }}

On 14 November, Corporation Bank said it raised an amount of {{INR|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 and RuPay 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.{{Cite news|url=http://www.thehindubusinessline.com/money-and-banking/corp-bank-launches-rupay-credit-cards/article9980178.ece|title=Corp Bank launches RuPay credit cards|date=2017-12-02|work=The Hindu Business Line|access-date=2017-12-29|language=en}}

On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into Union Bank of India. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of {{INRConvert|14.59|lc}} and 9,609 branches.{{cite news |title=Government unveils mega bank mergers to revive growth from 5-year low |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |date=30 August 2019 |newspaper=The Times of India |agency=PTI |access-date=31 August 2019}}{{cite news |author=Staff Writer |title=10 public sector banks to be merged into four |url=https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html |date=30 August 2019 |website=LiveMint |access-date=31 August 2019 |language=en}} The Board of Directors of Andhra Bank approved the merger on 13 September.{{cite news |title=Andhra Bank board okays merger with UBI |url=https://www.thehindu.com/business/andhra-bank-board-okays-merger-with-ubi/article29411194.ece |newspaper=The Hindu |access-date=13 September 2019 |language=en-IN |date=13 September 2019}}{{cite news |title=Andhra Bank board okays merger with Union Bank of India |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/andhra-bank-board-okays-merger-with-union-bank-of-india/articleshow/71117490.cms |newspaper=The Economic Times |access-date=13 September 2019 |date=13 September 2019}} The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.{{cite web |last1=Ghosh |first1=Shayan |title=Three banks announce merger ratios |url=https://www.livemint.com/market/stock-market-news/two-anchor-banks-pnb-union-bank-of-india-disclose-merger-ratios-11583413469591.html |website=Livemint |access-date=6 March 2020 |language=en |date=5 March 2020}}