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Allahabad Bank to Sell Land to Raise Capital

December 15, 2017

Allahabad Bank to Sell Land to Raise Capital

In a bid to raise funds, public sector Allahabad Bank is planning to sell vacant parcels of land that are in its possession.

The lender will soon place 3 lakh sq. ft. of land in Jhansi and Bareilly that’s worth Rs. 60 crores up for sale.

Allahabad Bank CEO and MD Usha Ananthasubramanian said that the move is a part of a non-core assets sale. She also said that the bank has started identifying land assets that are not useful to it and will be selling the same.

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