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Allahabad Bank today said it has received approval from the Ministry of Corporate Affairs for merger of its fully-owned subsidiary AllBank Finance with itself.
“The Scheme of Amalgamation for amalgamation of bank’s wholly owned subsidiary namely AllBank Finance with the bank has been confirmed by the regional office (eastern region), Ministry of Corporate Affairs, vide their confirmation order dated March 14, 2018,” it said in a regulatory filing.
Earlier in September last year, the bank had announced merging AllBank Finance with itself.
AllBank Finance is engaged in fee-based services like debenture trusteeship, investment advisory and portfolio management, distribution of mutual fund schemes and security valuation, among others.
For the fiscal ended March 2017, AllBank Finance reported total income of Rs 13.30 crore, up 34 per cent from a year ago, while the net profit rose 18 per cent at Rs 6.76 crore.
Stock of Allahabad Bank closed 0.20 per cent up at Rs 49.55 on the BSE today.
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