Federal Bank Limited (NSE: FEDERALBNK, BSE: 500469, LSE: FEDS) is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. It is the fourth largest bank in India in terms of capital base.[1] As of 20 December 2012, Federal Bank has 1020 branches spread across 24 states in India and 1058 ATMs around the country(across 108 metro centres, 224 urban centres, 384 semi-urban locations and 87 rural areas). Federal Bank opened its 1000th branch at Muthoor, Thiruvalla in Kerala on 17 August 2012,[2] and is planning to hire 2000 professionals by September 2012.[3][4] The Bank would be the first Bank from Kerala to cross the milestone of 1000 branch network.
History
In the year 1931, Travancore Federal Bank was inaugurated at Vengal Varuttisseril at Nedumpuram, near Tiruvalla, Kerala. The 14 founders included Sri Vengal Varuttisseril Oommen Varghese, his brothers Oommen Chacko, Oommen Kurian, Oommen George and also another person from Tiiruvalla, Kavumbhagam Mundapallil Lukose, and others. Oommen Varghese was the Chairman and Oommen Chacko the Manager. After it had functioned for nearly 10 years, the bank's day to day transaction had to be stopped due to the ill-health of the Manager.Understanding this situation, a lawyer from Perumbavoor named Sri K.P.Hormis and his acquaintances joined together, bought the bank and took over the management. In 1945, they moved the bank's registered office to Aluva and Hormis became the Managing Director. In 1947,the bank's name was shortened from Travancore Federal Bank to Federal Bank. [5]
In 1970, the bank became a Scheduled Commercial Bank. Recently, it opened a representative office in Dubai.
Acquisitions and Mergers
- In 1964, the bank embarked on a series of acquisitions that would substantially increase its size. It acquired the Chalakudy Public Bank in Chalakudy, the Cochin Union Bank in Thrissur, and the Alleppey Bank in Alappuzha.
- In 1965, it acquired the St.George Union Bank in Puthenpally.
- In 1968, it acquired the Marthandom Commercial Bank in Thiruvananthapuram.
- In 2006, Federal Bank acquired Ganesh Bank of Kurundwad after the Reserve Bank of India suspended the bank. Established in 1920, Ganesh Bank had its headquarters at Kurundwad, Maharashtra. The bank had a network of 32 branches and its operations were concentrated in Sangli and Kolhapur in Maharashatra and Belgaum in Karnataka. Prior to the merger, Federal Bank had 20 branches in Maharashtra.
- In March 2008, Federal Bank entered into a joint venture with IDBI Bank and Fortis Insurance International to form IDBI Fortis Life Insurance, of which Federal Bank owns 26 percent. The company ended the year with over 300 Cr in premiums as on 31 March 2009.
- On 24 August 2010, IDBI Fortis, rejuvenated as IDBI Federal Life Insurance with Aegas of Belgium.
Sponsorships
Federal Bank was the principal sponsor of Kochi Tuskers Kerala .[7] The tickets for KTK's home matches were sold through Federal bank branches and their website.Federal Bank was the perfect banking partner of Micromax ODI Cricket Series 2012 played between India and Sri Lanka in July–August, 2012.
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| Type | Public | ||
|---|---|---|---|
| Traded as | NSE: FEDERALBNK BSE: 500469 LSE: FEDS |
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| Industry | Banking and allied industries | ||
| Founded | Kochi, 1945 | ||
| Headquarters | Federal Towers, Aluva, Kochi - 683 101, Kerala, India. |
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| Key people | Shyam Srinivasan (CEO) | ||
| Products | Loans, Savings, etc. | ||
| Website | www.federalbank.co.in | ||
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