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Our Bureau

Mangalore , Oct. 6

CorpBank Homes Ltd, a subsidiary of Corporation Bank, has merged with the parent bank.

A press release by the bank said here on Thursday that the Karnataka High Court has approved the scheme of amalgamation and the same has become effective from October 4.

Meanwhile, Corporation Bank informed Bombay Stock Exchange that the scheme of amalgamation of CorpBank Homes Ltd with the bank has been approved by Karnataka High Court, vide its order dated August 11, 2006. Accordingly, the said order has been filed with Registrar of Companies, Karnataka, at Bangalore on October 4 and the amalgamation is effected from October 4.

It may be mentioned here that CorpBank Homes Ltd earned an operating profit (profit before tax) of Rs 1.09 crore for 2005-06 as against Rs 5.96 crore for the previous year. At the end of 2005-06, the provisioning doubled to Rs 8.90 crore as against the cumulative provisioning of Rs 4.45 crore during 2004-05.

More Stories on : Housing Finance | Mergers & Acquisitions | Public Sector Banks

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