Allahabad Bank Gets Nod for ABFL Merger

According to the officials of Allahabad Bank, 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 ABFL offers a basket of fee-based financial services such as trusteeship services, investment advisory and portfolio management services, distribution of Mutual Funds schemes and other corporate services including valuation of security and so on.
Source- DD News
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
  • Allahabad Bank MD & CEO- Usha Ananthasubramanian, Headquarters- Kolkata.