Andhra Bank

Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Madras Presidency (present-day Andhra Pradesh). Raja Yarlagadda Sivarama Prasad was the individual who committed the financial resources for starting the institution. The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid-up capital of ₹100,000 (US$1,000) and an authorized capital of ₹1 million (US$10,000). 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 nationalization of commercial banks commenced in April 1980, the bank became wholly Government-owned. In 1964, the bank merged with Bharat Lakshmi Bank and further consolidated its position in Andhra Pradesh.

India First 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 the 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$21 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.

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$150 billion) and 9,609 branches. The Board of Directors of Andhra Bank approved the merger on 13 September. The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.

Andhra Bank introduced an Internet Banking Facility (AB INFI-net) to all customers of cluster-linked branches. Rail Ticket Booking Facility is made available to all debit card holders as well as to internet banking customers through IRCTC Website through a separate gateway. The Corporate Website is available in English, Hindi and Telugu Languages communicating Bank's image and information. Bank has been given 'BEST BANK AWARD' a banking technology award by IDRBT, Hyderabad for extensive use of IT in Semi Urban and Rural Areas on 2 September 2006. IBA Jointly with TFCI has conferred the Joint Runner-up Award to the Bank in the Best Payments initiative category in recognition of outstanding achievement of the Bank in promoting ATM Channel.

On August 30, 2019, the Government of India announced the amalgamation of Andhra Bank and Corporation Bank into Union Bank of India, as part of a large-scale consolidation of public sector banks. The merger, which aimed to create the fifth largest public sector lender in the country with assets of approximately ₹14.59 lakh crore, received formal approval from the Union Cabinet on March 4, 2020. The transition became effective on April 1, 2020, with Andhra Bank's shareholders receiving a share swap ratio of 325 equity shares of Union Bank of India for every 1,000 shares held in Andhra Bank. By early 2021, the Union Bank of India had successfully completed the full IT integration and data migration of all former Andhra Bank branches into its core banking systems.