Federal Bank Blog

Unofficial Federal bank Blog. This blog is created for investor's information only,information on this blog may or maynot be correct.

Saturday, February 04, 2006

History

YEAR EVENTS 1931 - The Bank was incorporated in 1931 as Travancore Federal Bank Limited to cater to the banking needs of Travancore Province by a small group of local citizens. It embarked on a phase of sustained growth under the leadership of K.P. Hormist. The bank along with six other banks co-promoted Bharat Overseas Bank Ltd.

1949 - The Board of Directors of the Bank was reconstituted and fresh Articles of Association were adopted and the Bank was renamed as The Federal Bank Limited.

1993 - During March, the bank issued 25,25,000 No. of equity shares of Rs 10 each at a premium of Rs 25 per share in proportion 1:2. Another 5,25,000 No. of equity shares were offered to the employees on an equity basis. Only 30,47,894 shares of the above taken up (2,106 shares kept in abeyance). Another 30,00,000 No. of equity shares were allotted at a prem. of Rs 30 per share to ICICI associates companies.

1994 - During March, the company offered to the public 35,45,500 shares at a prem. of Rs 80 per share. Additional 1,72,600 shares were allotted to retain oversubscription. During January 1996, the bank issued 74,08,122 rights equity shares (prem. Rs 140; prop. 1:2) 73,51,734 shares taken up.

1995 - 50,50,000 No. of equity shares were issued and paid-up of which 3,318 No. of equity shares were issued for consideration other than cash on 27.1.1965 to shareholders of erstwhile St. George Union Bank Ltd., Puthenpully, Kerala.

1996 - The Company undertook as 3 year Information Technology Strategic Plan 2000 for automating its branches in a phased programme.

1997 - The bank has developed "Fedsoft" the automation software package in-house which is being used by 40 branches. An Automatic Teller Machine (ATM) was installed at the Vile Parle branch in Mumbai during the year.

- The bank is the second largest private sector bank with a network of more than 360 branches which till recently was restricted to the southern States.

- The Aluva-based Federal Bank Ltd. has set up its site on the World Wide Web on the Internet, Information about the bank and its products and services can be accessed form http://www.federal-bank.com.

- Federal Bank has infused an additional Rs.10 crore in the equity capital of its investment banking subsidiary, Fedbank Financial Services in 1996-97.

- The Federal Bank Limited, the largest scheduled bank in Kerala, had developed its own computer software named FedSoft.

- The software was developed by the bank in collaboration with Datanet Corporation, Bangalore and the package was based on state-of-the-art technology and the latest workflow concepts.

- Industrial Credit and Investment Corporation of India (ICICI) has entered into a strategic alliance with two Kerala-based private sector banks-Federal Bank Ltd (FBL) and South Indian Bank Ltd (SIBL)-to share business interests and strategies.

- Federal Bank Ltd, the largest scheduled bank in Kerala, with a network of over 350 branches throughout the country.

- The Federal Bank Limited, the largest private sector banking network in the country, has taken over an Abu Dhabi-based financial institution Exchange Bank dealing in foreign exchange.

- The Federal Bank, the largest banking network in India in the private sector, is working on various customer-friendly schemes in the wake of the liberalisation globalisation measures unleashed by the government.

1998 - The Federal Bank Limited has launched a new deposit scheme named Fed Flexi.

- The Kochi-based Federal Bank will open 100 more branch spread across the country by the turn of the century. With this, the total branch strength of the bank will cross 500.

- The Alwaye-based Federal Bank has launched three tailor-made loan schemes.

1999 - As part of its plan to widen the retail credit portfolio, the Aluva-based Federal Bank has launched three new schemes to promote travel and tourism, fund short and long-term needs of the trading community and to finance payments of premium of LIC's Bima Nivesh.

- Federal Bank, one of the country's old private banks, opened its first specialised branch for asset recovery in Mumbai on December 16, '99.

- The Bank has also set up a target of Rs 86 crore in the current year for the recovery of the non-performing assets (NPAs).

- The bank has set up an asset recovery department at it corporate office at Alwaye and strengthened asset recovery cells at regional offices.

2000 - Federal Bank is to foray into internet banking and E-commerce in the month April. The Bank will be he first among the old private sector banks in the country to diversify into internet banking.

- The Bank has entered into marketing pacts with some commercial agencies for its E-commerce business.

2001 - The Aluva-based Federal Bank has tied up with Escotel Communications to launch mobile banking services using SMS technology.

- Federal Bank has launched a new deposit scheme christened as `Suraksha' for senior citizens.

2003

-Unveils Anywhere Banking provides the convenience of doing transactions from 300-plus interconnected branches

-ICICI Bank divests 0.31% stake in Federal Bank.

-Federal Bank cuts Home loan interest rates.

2004

-Achieves 100% interconnectivity among all its branches

-Launches Equity Subscription Scheme, a new retail product for financing the IPOs and public issue applications of its customers

-Acquires a prime property in Chennai-owned by Ramco Super Leathers under Securtisation and Reconstruction of Financial Assets and Enforcement of Security Act. The property, spread over six grounds and 26,000 sq ft on Anna Salai, is estimated to have a market value of Rs 16 crore.

-Federal Bank unveils treasurer's calendar

-Federal Bank join hands with ICICI Prudential Life Insurance Co. Ltd. for premium collection through its branches

-Federal Bank introduces new Fed e-Pay services

2005

-JRG Securities Ltd has forged alliance with Federal Bank Ltd for providing loans for subscribing to initial public offers (IPOs).

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