PNB to divest 26% in housing arm

State-run Punjab National Bank (PNB) today said it will divest a 26 per cent stake in its housing finance arm.     

"Today, the board has decided to divest a 26 per cent stake in PNB Housing Finance Company," PNB Chairman and Managing Director K C Chakrabarty told reporters here.     

At present, the bank owns 100 per cent in the housing arm.     

The board also decided to set up a joint venture for factoring services.