PNB appoints EY as consultant for merger with OBC and United Bank of India

"They will study the suggestion of each of the banks. If there are certain areas which need to be harmonized in tune with the industry, they will suggest that"

Punjab National Bank, the anchor bank for the merger of Oriental Bank of Commerce, United Bank of India and Punjab National Bank, has appointed Ernst & Young (EY) as a consultant for the process.

Notably, 34 committees were formed, with each having representatives of three banks, to formulate policies related to different verticals like human resources, IT, and products among others. While each of the banks have submitted their recommendations, EY is likely to help the banks to standardize them.  Meanwhile, a steering committee of chief executives of the three merging banks, is also likely to give its suggestion by the