Daily Current GK Update
07 April, 2019
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Lakshmi Vilas Bank to merge with Indiabulls Housing Finance
The board of Lakshmi Vilas Bank (LVB) 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 entry into banking.
The merger will also enable Tamil Nadubased LVB to obtain a larger geographical presence. The merged entity will have a net worth Rs 19,472 crore and a loan book Rs1,23,393 crore for the nine months of FY19. IBH’s board has constituted a reorganisation committee headed by independent director and former RBI Deputy Governor S S Mundra.
Source: – The Hindu Business Line
National Maritime Day: 5th April
In India, the National Maritime Day is celebrated every year on April 5. The day was first celebrated on April 5, 1964. The theme of the 56th edition of the National Maritime Day is “Indian Ocean-An Ocean of opportunity”.
Hundred years ago, on this day in 1919, navigation history was created when SS Loyalty, the first ship of The Scindia Steam Navigation Company Ltd travelled to the United Kingdom.
Source: – The Times Now
CCI approves L&T’s proposal to acquire up to 66.15% stake in Mindtree
The Competition Commission of India (CCI) approved engineering and construction major Larsen & Toubro’s (L&T’s) proposal to acquire up to 66.15% stake in Mindtree. With this nod, L&T has overcome the first major regulatory hurdle in its bid for ‘hostile’ takeover of the Bengaluru headquartered IT services firm.
Source: – Business Standard
David Malpass named World Bank President
David Malpass has been appointed as the President of the World Bank. He was US President Donald Trump’s nominee and won unanimous approval from the institution’s executive board.
He has replaced Former World Bank President Jim Yong Kim who left in January 2019. Malpass was former Bear Stearns and Co chief economist who advised Trump’s 2016 election campaign.
Source: – The Hindu