Allahabad Bank has decided to put its overseas expansion plan on hold till the international situation improves.

At present, the bank has one full-fledged branch in Hong Kong and a representative office at Shenzhen in China.

The bank had also carried surveys in Bangladesh and Kenya for strengthening its footprint.

Allahabad Bank will seek government’s authorization for coming out with a rights issue. The bank is already compliant in terms of Basel-II norms.

Allahabad Bank is the oldest public sector bank in India. It was set up in 1865 by a group of Europeans with a seed capital of Rs 2 lakhs. At that juncture Organized Industry, Trade and Banking started taking shape in India. Thus, the History of the Bank spread over three Centuries - Nineteenth, Twentieth and Twenty-First.

At 2:35 p.m., the shares of the bank gained 3.9% to trade at Rs 71 on the Bombay Stock Exchange (BSE).