This Friday, the board of private sector Lakshmi Vilas Bank (LVB) approved the amalgamation with Indiabulls Housing Finance (IHF) under which the lender’s shareholders will get 0.14 share of IHF of face value ₹2 for every share of ₹10. The new entity’s net worth will be around ₹19,472 crores and its workforce will comprise 14,302 employees.
Vice Chairman and Managing Director of IHF Gagan Banga said that the merger isn’t strictly a new bank license. However, he said that the new entity will have over 800 branches and will be the 8th largest private bank in India.
Photo on VisualHunt