Allahabad Bank Merges its subsidiary AllBank Finance with Itself Public sector Allahabad Bank has merged its wholly owned subsidiary AllBank Finance (ABFL) with itself on December 23, 2016. The merger was finalized at the Board of Directors meeting who gave the in-principle approval for merger of loss making AllBank Finance with the bank. AllBank Finance is the merchant banking arm of
Allahabad Bank and also holds license for debenture trusteeship. ABFL offers various merchant banking 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 also provides mutual fund and other corporate services including valuation of security.
About Allahabad Bank
♦ Allahabad Bank is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of establishment. It was founded in Allahabad in 1865.
♦ The bank’s market capitalisation in May 2016 was US$543 million and it ranked 1834 on the Forbes Global 2000 list.
♦ Founded: 24 April 1865
♦ Headquarters: Kolkata, India
♦ Chairman and MD: Rakesh Sethi
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