Allahabad Bank, the Oldest Joint Stock Bank of the Country, was founded in 1865 by a group of Europeans at Allahabad. In 1969, Allahabad Bank was nationalized along with 13 other banks. In 1989, United Industrial Bank Ltd. merged with Allahabad Bank. In 2002, the Bank came out with Initial Public Offer, of 10 crores share of face value Rs.10 each, reducing Government shareholding to 71.16%. In 2005, follow on Public Offer of 10 crores equity shares of face value Rs.10 each with a premium of Rs.72, reducing Government shareholding to 55.23%. The Bank opened its first overseas branch at Hong Kong in 2007 and in the same year it crossed Rs.1,00,000 crores mark in business.