Allahabad Bank into sunset after getting merged with Indian Bank

Kolkata, Apr 1 () The 155-year-old Allahabad Bankceased to exist as it got merged with Indian Bank onWednesday.

All branches of the Kolkata-headquartered lenderstarted functioning as units of Chennai-based Indian Bank fromApril 1, 2020, an official said.

"We warmly welcome the employees and customers ofAllahabad Bank to Indian Bank fold," Indian Bank MD and CEOPadmaja Chunduru said.

The integration offered the lender a host of revenueand cost synergies, she said.

The merger makes the Indian Bank stronger with abusiness of Rs 8 lakh crore, 6,000 plus branches, 4,800 ATMsand 43,000 employees serving 120 million customers, theofficial said.

Chunduru said a chief general manager will bedesignated in Kolkata, when total business of the bank willcross Rs 10 lakh crore.

Speaking about preparedness, Chunduru saidharmonisation of products -- both on the loan and depositsides -- were completed and the same products will be offeredto all customers.

She also said all the deposit and loan products,including access to Indian Bank's emergency credit lineslaunched in the wake of COVID-19 crisis would be madeavailable to the customers of Allahabad Bank.

The 113-year-old Indian bank and the Allahabad Bankwill create a "lender with sound financial strength", theofficial said.

The amalgamation is part of the mega merger decisionof the government.

Apart from Allahabad Bank, five other public sectorbanks (PSBs) namely Oriental Bank of Commerce, United Bank ofIndia, Syndicate Bank, Andhra Bank and Corporation Bank losttheir individual identity as they were merged into threebigger lenders with the objective to make them globallycompetitive. BSMBDC BDC