State-run Allahabad Bank on Wednesday said the Ministry of Corporate Affairs has allowed the amalgamation of its wholly own subsidiary - All Bank Finance Ltd (ABFL)-with the lender.
The bank's board had approved the proposed merger in December 2016.
"..the Scheme of Amalgamation for amalgamation of its wholly-owned subsidiary namely AllBank Finance Ltd with the bank has been confirmed by the Regional Director (Eastern Region), Ministry of Corporate Affairs," the bank said in a regulatory filing.
The ABFL offers a basket of fee based financial services such as trusteeship services (debenture trustee/security trustee), investment advisory and portfolio management services, distribution of Mutual Funds schemes and other corporate services including valuation of security and so on.
The Board of the company had decided to surrender its NBFC (non banking finance company) licence in 2005.
It had also surrendered its merchant banking licence to market regulator Sebi.
--IANS
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