Corporation Bank

By: EconomyWatch Content   Date: 30 October 2009

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With its headquarters in Mangalore, the Corporation Bank is one of India’s leading public sector banks. Spanning a network of over 950 branches across the country, the bank has a majority of its branches in the southern states. It offers a host of banking services and products for retail, corporate and enterprise customers.

Corporation Bank: Business Profile

The Corporation Bank was founded in 1906 in a small city called Udipi, in the Indian state of Karnataka. The initial paid-up capital for the bank was Rs. 5000/-. At the time, it was known as Canara Banking Corporation Ltd. It gave a tremendous boost to the concept and scope of cooperative banking in India. In 1972, its name was changed to Corporation Bank Ltd.

In 1980, the Indian government nationalized several banks to trigger their growth and business expansion. The Corporation Bank emerged as a key player in adapting to the country’s major economic reforms during the early 1990s.

In 1997, the Corporation Bank became the country’s second public sector bank to enter the capital market. The bank’s initial public offering (IPO) was oversubscribed 13 times. The Corporation Bank is attributed for several firsts in the Indian banking sector, such as initiating:

  • cash management services

  • gold banking

  • 100% core banking solution branches

  • Mobile commerce

  • Online loan approval

The CorpBank Securities Ltd is a subsidiary of the bank which deals in government securities. Based on the 2008-09 financial report, the bank has a total income of Rs. 2,199.64 crore.

Corporation Bank: Products and Services

The products and services offered by the Corporation Bank include:

Personal banking: The bank offers:

  • Savings

  • Deposits

  • Loan products to personal banking customers

It has specialized products for minor and senior citizens. The loan products are named as Corp Loans. They include home, auto, educational and medical loans.

NRI services: For non-resident Indians (NRI), the bank has services to facilitate:

  • account opening

  • remittance

  • foreign exchange and investment services

Corporate banking: The Corp Vyapar, Corp Fast and Corp Rental are specific products for corporate clients. The small and medium enterprises can contact the bank for consultancy services and priority lending.

The CorpBank credit card entices retail and corporate customers by offering versions in silver, gold and platinum. The online banking facility facilitates stock trading, e-shopping, bill payments and account management.


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