Allahabad Bank merges AllBank Finance with itself

Public sector Allahabad Bank said it has merged its wholly-owned subsidiary AllBank Finance with itself.
The merger was okayed at the Board of Directors meeting of the bank held today.
"The Board of Directors of the bank in its meeting held today, accorded in-principle approval for merger of its wholly owned subsidiary AllBank Finance with the bank," Allahabad Bank said in a regulatory filing.
The merger is subject to regulatory approvals, it added.
AllBank Finance is the merchant banking arm of Allahabad Bank and also holds licence for debenture trusteeship.
As a Category I Merchant Banker, ABFL offers basket of fee-based financial services such as IPO management, debt/loan syndication, trusteeship services (debenture trustee/security trusty) structured finance, placement of equity shares to qualified institutional buyers (QIBs), investment advisory and portfolio management services.

Besides, it is also into distribution of mutual fund schemes and other corporate services including valuation of security.