Lakshmi Vilas Bank To Merge With Indiabulls Housing Finance

The board of Lakshmi Vilas Bank (LVB) approved the merger of the private sector lender with Indiabulls Housing Finance (IBH) through a share swap deal. The merger will help Indiabulls get access to low-cost stable funds and entry into banking.

The merger will also enable Tamil Nadu-based LVB to obtain a larger geographical presence. The merged entity will have a net worth Rs19,472 crore and a loan book Rs1,23,393 crore for the nine months of FY19. IBH’s board has constituted a reorganisation committee headed by independent director and former RBI Deputy Governor SS Mundra. 

Source- The Hindu Business Line

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