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Recently, this bank gets approval for amalgamation of its fully-owned subsidiary All Bank Finance Ltd. (ABFL) with itself.
  • a)
    Allahabad Bank
  • b)
    Punjab National Bank
  • c)
    Bank of Baroda
  • d)
    Union Bank of India
Correct answer is option 'A'. Can you explain this answer?
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Recently, this bank gets approval for amalgamation of its fully-owned ...
Allahabad Bank stated that it has received approval from Union Ministry of Corporate Affairs for amalgamation of its fully-owned subsidiary All Bank Finance Ltd. (ABFL) with itself. Bank's board had approved the proposed amalgamation in December 2016. All Bank Finance offers fee-based services like debenture trusteeship, distribution of mutual fund schemes, investment advisory and portfolio management and security valuation. For financial year 2016-17, ABFL's total income stood at Rs 13.30 crore, while the net profit was Rs 6.76 crore.
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Recently, this bank gets approval for amalgamation of its fully-owned subsidiary All Bank Finance Ltd. (ABFL) with itself.a)Allahabad Bankb)Punjab National Bankc)Bank of Barodad)Union Bank of IndiaCorrect answer is option 'A'. Can you explain this answer?
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