Pnb, Vijaya To Take Idbi Stake In Amc

Principal share likely to remain at 50%

Punjab National Bank (PNB) and the Bangalore-based Vijaya Bank will pick up stakes in IDBI-Principal Asset Management Company after the exit of the Industrial Development Bank of India (IDBI). The two banks are awaiting approval of the Reserve Bank of India (RBI).

S M Kapur, chairman and managing director of Vijaya Bank, confirmed the development and said,