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Lakshmi Vilas Bank Ltd. Company History and Annual Growth Details

YEAR EVENTS
1926 - The Company was Incorporated at Karur, South India. The main
object of the company is The Bank transacts banking business of
every description.

1931 - 2,900 Rights shares issued at par.

1947 - 10,000 Right shares issued (prem. Rs.5 per share; prop. 1:1).

1953 - 5,000 Rights shares issued (prem. Rs.5 per share; prop. 1:4).

1957 - 12,500 Bonus shares issued in prop. 1:2.

1958 - The Bank was licensed under the Banking Companies Act and it
became a Scheduled Bank the same year.

1960 - 12,500 rights shares issued (prem. Rs.10 per share; prop. 1:3)

1961 - In October, the Karur Mercantile Bank, Ltd. Karur, was
amalgamated with the Bank, as ordered by the Central Government.
The Bank took over particular assets and liabilities of Kannivadi
Bank Pvt. Ltd., in November, for the Trichinopoly Vysya Bank,
Ltd., Tiruchirapalli, in August 1963 and of Tirirukkattupally
Bank, Ltd., Tanjore in December, 1963.

- 25,000 rights shares issued (prem. Rs.10 per share; prop. 1:2).

1962 - 1,191 shares issued to members of Karur Mercantile Bank, Ltd. on
its merger.

1964 - In 1964, Salem Gugai Sree Krishna Bank, Ltd., Salem, was
amalgamated with the Bank. Negotiations were being carried on
with some other banking concerns for amalgamation.

- 24 shares issued.

1965 - The Bank took over the particular assets and liabilities of the
Shri Nadiambal Bank (P) Ltd., in January of the Kattuputtur Bank
(P) Ltd., in March of the Salem National Bank in August and of
the Salem Sree Ramaswamy Bank, Ltd., in September.

1971 - 37 shares issued.

1974 - 1,52,504 shares issued (prem. Re.1 per share).

1982 - 1,14,388 right equity shares issued in prop. 1:2.

1986 - 3,43,164 rights equity shares issued at par in prop. 1:1.

1988 - 6,00,000 No. of equity shares issued at par to public in
December.

1989 - 6,43,164 right equity shares issued in prop. 1:2.

1993 - The Company issued 9,64,746 No. of equity shares of Rs.10 each
for cash at a prem. of Rs.30 per share on Rights basis in the
prop. 1:2. Allotment of 6,225 shares were kept in abeyance.

- 9,64,746 rights shares issued (prem. Rs.30 per share) in prop.
1:2.

1997

-Mr K. Raghunath Shenoy has become the chief executive officer and Chairman of Lakshmi Vilas Bank. He was executive director of the bank till recently.

1998

-Developed a credit product Gem Credit specifically for the artificial gem processing industry.

1999

- launched a money-back deposit scheme to suit the needs of investors who do not mind a longer maturity period but want a larger pay-out.

2000

- introduced a basket of products namely Lakshmi Agribike, Lakshmi Consumer Credit and Lakshmi Rental Loan

2001

-Reduced its prime lending rate (PLR) by one per cent to 13 per cent per annum from 14 per cent effective April 1, 2001

-Board Announces that it has allocated an amount of Rs 25 crore towards financing rice mills in Andhra Pradesh for the current fiscal year.

-Board Announces a distribution tie-up called Bancassurance with Lakshmi Vilas Bank to develop a nationwide network which also has a strong regional focus.

-Signed a letter of intent with CGU Life Insurance to offer agency services to the latter

-Board announces the launch of its education loan scheme - Vidya Lakshmi Loan

-Lakshmi Vilas Bank slashes deposit rates

-Forges an alliance with ICRA for putting in place a credit risk assessment system

2002

-Mr.M P Shyam and Mr. V N Krishnamurthy have been appointed as Additional Directors. And Mr. Athi R. Venkatraman and Mr. T Srinivasulu have resigned as Directors of the company.

-Board entered into an MOU with Dabur CGU Life Insurance Company (P) Ltd on May 28, 2002 to sell insurance products under the Brand name 'AVIVA'.

2003

-LVB slashed interest rate for deposits by 0.25 % for periods above 271 and 364 days maturity slab.

-LVB forges alliance with ICICI Infotech for core banking solution

-Lakshmi Vilas Bank mobilises Rs 50 cr through tier-II bonds issue

-Entered into Corporate Agency Arrangement with M/s Royal Sundaram Alliance Insurance Co. Ltd. for distributing their General Insurance Products.

-Unveils Aviva Life Insurance products at Visakahapatnam in Andhra Pradesh

-Board Decided to set up three strategic business units (SBUs) to cash in on the increasing opportunities in the large and mid-corporates, and retail and personal segments.

-Lakshmi Vilas Bank Ltd has acquired 807,000 shares amounting to 12.32% of the total paid up capital of Blue Coast Hotels and Resorts Ltd. (Formerly Morepen Hotels Ltd).

-Mr Abhishek Dalmia of the New Delhi-based Renaissance Group has picked up a 2-per cent stake each in Lakshmi Vilas Bank This will translate into around 2.3 lakh shares of Lakshmi Vilas Bank.

2004

-The Lakshmi Vilas Bank has entered into a tie up with the Wall Street Exchange Centre LLC, Dubai belonging to the House of Patels for remittences of NRIs through rupee drawing arrangement (RDA)

2007

- Lakshmi Vilas Bank Ltd has appointed Shri.R.Mohan as Additional Director.

2009

- Lakshmi Vilas Bank has entered into an alliance with PayMate for mobile payment solution, which is being made available to its customers across 250 branches.

2010

-- Lakshmi Vilas Bank Ltd has informed that the Board of Directors of the Bank at the meeting held on January 23,2010 has Co-opted Shri.K.S.R.Anjaneyulu as an additional Director and also appointed him, as Managing Director & CEO of the Bank.

- Lakshmi Vilas Bank Limited has co-opted Shri. P.R. Somasundaram as an additional Director and also appointed him, as Managing Director & CEO of the Bank for a period of three years.
 
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