Lakshmi Vilas Bank to merge with Indiabulls Housing Finance

The board of Lakshmi Vilas Bank on Friday approved the merger of the private sector lender with Indiabulls Housing Finance (IBH) through a share swap deal. The merger will help Indiabulls get access to low-cost stable funds and an entry into banking. The company, the nation’s second largest housing finance firm, had unsuccessfully applied for a banking licence in 2013.

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