National Development Bank (NDB) on Tuesday said it was seeking Central Bank approval to merge with its housing loan financing unit. If approved, the merger will give NDB housing access to cheap financing for its home loan business and also access to a wider market segment through its parent’s commercial and development banking network.
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NDB already holds 80 percent of the issued share capital of NDB Housing Bank.
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A statement to the Stock Exchange on Tuesday said “The board of directors of NDB has decided to acquire the balance shares of NDB Housing Bank and merge its business with that of NDB,”
Bank officials feel the merger will bring synergistic benefits in terms of access to NBD’s growing branch network, centralised funding, processing capabilities and capital for its housing finance customers.
In August 2005 long-term lender National Development Bank and its majority-owned subsidiary NDB Bank merged to form NDB Bank with combined assets totalling Rs. 60 billion, making it the fif