Federal Bank
Encyclopedia
Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva
, Kochi, Kerala
. As of March 31 2011 it has 743 branches spread across 24 states in India and 803 ATM
s around the country(across 108 metro centres, 224 urban centres,
384 semi-urban locations and 87 rural areas ).
, 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.
In 1970, the bank became a Scheduled Commercial Bank. Recently, it opened a representative office in Dubai
.
. The tickets for KTK's home matches will be sold through Federal bank branches and their website.
Aluva
Aluva , is a suburb of the city of Kochi, situated north of the city center and a municipality in Ernakulam district, Kerala, India. Aluva is also a major industrial center of the state....
, Kochi, Kerala
Kerala
or Keralam is an Indian state located on the Malabar coast of south-west India. It was created on 1 November 1956 by the States Reorganisation Act by combining various Malayalam speaking regions....
. As of March 31 2011 it has 743 branches spread across 24 states in India and 803 ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
s around the country(across 108 metro centres, 224 urban centres,
384 semi-urban locations and 87 rural areas ).
History
In the year 1931, Travancore Federal Bank was inaugurated at Vengal Varuttisseril at NedumpuramNedumpuram
Nedumpuram is a village in Pathanamthitta district in the state of Kerala, India.-Demographics: India census, Nedumpuram had a population of 12960 with 6202 males and 6758 females....
, 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.
In 1970, the bank became a Scheduled Commercial Bank. Recently, it opened a representative office in Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
.
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 ChalakudyChalakudyChalakudy is a municipal town situated on the banks of Chalakudy River in Thrissur District of the Kerala State in India. It is the base camp for travellers to Athirappilly and Vazhachal Falls...
, the Cochin Union Bank in ThrissurThrissurThis article is about the city in India. For the district, see Thrissur district. For the urban agglomeration area of Thrissur see Thrissur Metropolitan Area...
, and the Alleppey Bank in AlappuzhaAlappuzhaAlappuzha , also known as Alleppey, is a town in Alappuzha District of Kerala state of southern India. As per 2001 census Alleppey is the sixth largest city in Kerala with an urban population of 177,029. Alleppey is situated to the south of Kochi and north of Trivandrum...
. - In 1965, it acquired the St.George Union Bank in Puthenpally.
- In 1968, it acquired the Marthandom Commercial Bank in ThiruvananthapuramThiruvananthapuramThiruvananthapuram , formerly known as Trivandrum, is the capital of the Indian state of Kerala and the headquarters of the Thiruvananthapuram District. It is located on the west coast of India near the extreme south of the mainland...
. - In 2006, Federal Bank acquired Ganesh Bank of Kurundwad after the Reserve Bank of IndiaReserve Bank of IndiaThe Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
suspended the bank. Established in 1920, Ganesh Bank had its headquarters at Kurundwad, MaharashtraMaharashtraMaharashtra is a state located in India. It is the second most populous after Uttar Pradesh and third largest state by area in India...
. The bank had a network of 32 branches and its operations were concentrated in SangliSangliSangli is a city in the state of Maharashtra of India. Sangli is known as the Turmeric city for its vast production of Turmeric. Sangli is situated on the banks of river Krishna and is the largest market place for Turmeric in Asia and houses many sugar factories, which it is also noted for...
and Kolhapur in Maharashatra and BelgaumBelgaumBelgaum is a city and a municipal corporation in Belgaum district in the state of Karnataka, India. It is the fourth largest city of the state of Karnataka, the first three being Bangalore, Mysore, Hubli-Dharwad....
in KarnatakaKarnatakaKarnataka , the land of the Kannadigas, is a state in South West India. It was created on 1 November 1956, with the passing of the States Reorganisation Act and this day is annually celebrated as Karnataka Rajyotsava...
. 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 InsuranceIDBI Fortis Life InsuranceIDBI Federal Life Insurance Co. Ltd., is a joint venture between three financial companies – development and commercial bank, IDBI Bank, India’s private sector bank, Federal Bank and European insurer Ageas , which was formed on March 2008...
, 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,will be the principal sponsor of Kochi Tuskers Kerala. The tickets for KTK's home matches will be sold through Federal bank branches and their website.