Allahabad Bank merges its subsidiary

Reported by: |Updated: December 26, 2016

Allahabad Bank has merged its wholly-owned subsidiary AllBank Finance with itself. The merger is subject to regulatory approvals. AllBank Finance is the merchant banking arm of the bank and also holds license for debenture trusteeship. As a Category I Merchant Banker, it 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.