Company History - South Indian Bank
1929 - South Indian Bank was established at Trichur, Kerala State.
Bank transacts general banking business of every description.
- The bank was selected by RBI to open and operate a currency
on its behalf. This facility was to help the bank to reduce
considerably their cash holdings.
1963 - The Bank took over the assets and liabilities of the
Kshemavilasam Banking Co., Ltd., Trichur, and the Ambat Bank
Private Ltd., Chittur, Cochin.
1964 - The Following banks were taken over: Public Bank, Ltd.,
Subarban Bank (P) Ltd., Trichur; Vijaya Lakshmi Bank (P) Ltd.,
Parur; Chalakudy Bank, Ltd., Chalakudy; Mukkattukara Catholic
Bank, Ltd., Mukkattukara; Assyrian Charities Banking Co.,
Trichur; Catholic Syrian Christian Bank, Ltd., Kanjany;
Bank, Ltd., Trichur; Bharatha Union Bank, Ltd., Trichur;
Kozhuvanal Bank, Ltd., Kozhuvanal.
1987 - 19,200 No. of equity shares issued at par. Arrears: Rs
1988 - 42,000 No. of equity shares issued at par. Arrears: Rs
1989 - 91,800 No. of equity shares issued at par. Arrears: Rs
1990 - The Bank made an entry into merchant banking activities by
supporting underwriting to 99 New Issues.
1992 - 75,26,140 No. of Equity shares issued equity shares
1993 - The Bank extended underwriting support.
- 4,73,860 No. of equity shares issued.
1994 - The Bank extended underwriting support to 17 issue of Rs 459
- 37,00,000 No. of Equity shares issued.
1996 - The Bank did not underwrite any issue due to depressed and
listless primary market. Bank acted as bankers for 12 issues
compared to 47 issues during the previous year.
2000 - Credit Rating and Information Services of India has downgraded
assigned to the Bank to `BBB-' from `BBB+'.
2001 - The Bank has launched its comprehensive and centralised
Sibertech, which will run on Finacle platform provided
by Infosys Technologies of Bangalore.
- The South Indian Bank one of the leading private sector
banks in Kerala, has entered
into new alliances with three exchange houses in the
-Ties up with insurance player for the distribution of the products
of the insurance company.
-Sarvashri P M Manuel and Tony John Alaptt gave their resignations
from the Board
-Changes in the Board:
Sarvashri Jose Pottokaran and Thommy P Chakola, Directors give their
Mr A S Narayana Moorthy has been co-opted as director on the Board.
Mr. John Chakola has been co-opted as Director on the Board in place
of Mr. Thommy P Chakola.
-Offers VRS named as 'The South Indian Bank Employees Voluntary
Retirement Scheme - 2002' to all permanent eligible employees of the
-Reduces the rate of interest on housing loans to 10.5% for loans
upto Rs.10 lakh and 11% for loans exceeding Rs.10 lakh.
-Sets up an ATM in Kovai, which is its first online ATM outside its
-Enters into a new rupee draft drawing agreement with Union Exchange
of Co of Doha, Qatar.
-The Board accepts the resignation of Mr P M Udhuppu, Director of the
-Launches its Internet Banking Facility, Sibernet, to provide better
services for customers.
-Recovers Rs.4 crs from Coimbatore region recovery camp in the first
4 months of the current financial year.
-Enters into an agreement with master Card International to Launch
Maestro , the global ATM - Debit card.
-Opens up three more branches with on-line ATM's at
Chandigarh(Punjab), Panchukula(Haryana), Paschim Vihar (Delhi).
-Ties up with leading private hospitals and nursing home throughout
India in order to push its new introduced medical loan scheme under
SIB Life line.
-Launches Financial assistance programme for medical treatment 'SIB
-SIB decides Rs 38-45 price band for rights issue
-Dr. V A Joseph has joined the Bank as Executive Director w.e.f
December 04, 2003. He will be a whole-time executive of the Bank.
However, he will not be a Director on the Board of the Bank.
- Thrissur-based South Indian Bank unveiled its 401st branch at R.V.
Centre, East Nada, Guruvayur, on December 10, 2003. The branch was
inaugurated by Mr Appukutan Nambiar, Chairman, Guruvayur Devaswom
-The South Indian Bank has introduced two products for fast and
hassle-free transfer of money from abroad, in association with UAE
Exchange Company Ltd and Wall Street Finance Ltd.
-SIB introduces life insurance product
-SIB inks pact with Dubai exchange house
-South Indian Bank kicks off RTGS operations
-SIB partners with Al Razouki
-South Indian Bank ties up with Bahrain Financing
-Franklin Templeton inks pact with SIB
-SIB to roll out co-branded Citi credit card
-The South Indian Bank Ltd. has appointed Dr N.J. Kurian as an
Additional Director on the Board of Directors of the Bank at the
Board Meeting held on May 23, 2007 pursuant to section 260 of the
-The Company has issued Bonus Shares in the Ratio of 1:4.
- South Indian Bank (SIB) has signed an agreement with Life Insurance
Corporation of India for the distribution of life insurance products.
Under the agreement, LIC will offer its life insurance products to
the customers of South Indian Bank.
- South Indian Bank has rolled out a savings bank product for women
called 'SIB Mahila', which is linked with recurring deposit, provides
10 technological products/services for free including house-to-house
travel insurance for Rs 50,000 and an accident insurance cover for Rs
- The South Indian Bank (SIB) has inked a MoU with the Hatton
National Bank (HNB) for the exchange of expertise and services.
-Company has splits its Face value of Shares from Rs 10 to Re 1
-South Indian Bank exceeded the target of Rs 48,000 crore set for the
year and tipped the
revenues worth Rs 50,060 crore in the current fiscal year.
-South Indian Bank appoints merchant bankers for the purpose of
managing its 400 million share sale to institutions.
-South Indian Recommended a dividend of Re. 0.60 per equity share of
face value of Re. 1/- each
-Dr. John Joseph has been appointed as additional Director of the
-SIB bags The IBA Banking Technology Awards.
-Sunday Standard Best Bankers Awards.
-South Indian Bank Ltd has allotted 12,23,652 Equity Shares of face
value Re. 1/- .
-South Indian Bank Ltd has recommended a dividend of Re. 0.70 per
equity share of face value of Re. 1/-.
-South Indian Bank wins Best IT Team Award-Banking Technology
-South Indian Bank Ltd has recommended a dividend of Re. 0.80 per
equity shares of face value of Re. 1/-.
-South Indian Bank gets RBI nod to open representative office in