Canara Bank is a state-owned commercial bank with headquarter in Bangalore. The Bank operates in four segments, namely treasury operations, retail banking operations, wholesale banking operations and other banking operations. The Bank provides a range of products and services to the customers. The subsidiaries of the Bank include Canbank Financial Services Ltd, Canbank Venture Capital Fund Ltd, Canbank Factors Ltd, Canara Robecco Asset Management Company Ltd, Canbank Computer Services Ltd, Canara Bank Securities Ltd and Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
Canara Bank was incorporated on July 1, 1906 with the name Canara Hindu Permanent Fund Ltd. In the year 1910, the name of the Bank was changed from Canara Hindu Permanent Fund Ltd to Canara Bank Ltd. In July 19, 1969, the Bank was nationalized along with 14 major banks in the country. In the year 1976, they inaugurated their 1000th branch.
In the year 1983, the Bank inaugurated a overseas branch at London. In the year 1984, Laksmi Commercial Bank Ltd was amalgamated with the Bank. In the year 1985, the Bank commissioned Indo Hong Kong International Finance Ltd. In the year 1987, they launched Canbank Mutual Fund & Canfin Homes. In the year 1989, they started Canbank Venture Capital Fund.
During the year 1989-90, the Bank incorporated their factoring subsidiary, Canbank Factors Ltd. During the year 1992-93, they became the first Bank to articulate and adopt the directive principles of 'Good Banking'. During the year 1995-96, they became the first Bank to be conferred with ISO 9002 certification for one of its branches in Bangalore.
During the year 2001-02, the Bank opened a 'Mahila Banking Branch', first of its kind at Bangalore, for catering exclusively to the financial requirements of women clientele. During the year 2003-04, they launched Internet Banking Services. During the year 2005-06, they launched Core Banking Solution in select branches.
During the year 2006-07, the Bank signed MoUs for commissioning two joint ventures in Insurance and Asset Management with international majors namely, HSBC (Asia Pacific) Holding and Robeco Groep N.V respectively. During the year 2007-08, they launched New Brand Identity. They incorporated Insurance and Asset Management joint ventures. Also, they launched 'Online Trading' portal and a 'Call Centre'.
During the year 2008-09, the Bank commissioned their third foreign branch at Shanghai. They expanded their arrangement under 'Remit Money', a web based product by extending to 11 Exchange Companies/ Banks and continues to have Electronic Funds Transfer (EFT) arrangement with 10 Exchange Houses /Banks. The Bank opened 54 new branches during the year.
During the year 2009-10, the Bank opened 314 new branches taking the total branches to 3046. They expanded their arrangement under 'Remit Money', a web-based product by extending to 17 Exchange Companies/ Banks and 4 branches abroad. They launched 'SME SULABH', a new business model for speedy credit delivery to the MSME Sector.
During the year 2010-11, the Bank added 210 domestic branches, taking the total tally under the branch network to 3257 branches, including 4 overseas branches one each at London, Leicester, Hong Kong and Shanghai. As of March 31, 2011, the Bank had a network of 382 correspondent banks spread across 80 countries.