Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Madras Presidency (present-day Andhra Pradesh).[3] Raja Yarlagadda Sivarama Prasad was the individual who committed the financial resources for starting the institution.[3] The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of ₹100,000 (US$1,300) and an authorised capital of ₹1 million (US$13,000). In 1956, linguistic division of States was promulgated and Hyderabad was made the capital of Andhra Pradesh. The registered office of the bank was subsequently shifted to Andhra Bank Buildings, Sultan Bazar, Hyderabad. In the second phase of nationalisation of commercial banks commenced in April 1980, the bank became a wholly Government-owned. In 1964, the bank merged with Bharat Lakshmi Bank and further consolidated its position in Andhra Pradesh.[Note 1]
IndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between two of India's public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK's financial and investment company Legal & General (26%). It was incorporated in November 2009. It has its headquarters in Mumbai. India First Life made more than ₹2 billion (US$25 million) in turnover in just four and half months since the insurance company became operational. India First Life insurance company is headquartered in Mumbai. India First is the first life insurance company to be recommended for ISO certification within 7 months of inception.[citation needed]
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of ₹14.59 lakh crore (US$180 billion) and 9,609 branches.[4][5] The Board of Directors of Andhra Bank approved the merger on 13 September.[6][7] The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.[8]
