Post merger, PNB gets Irdai nod to retain stake in two life insurance cos

PNB also has a tie up with Life Insurance Corporation of India (LIC) for selling its products through the bank's branches

State-owned lender Punjab National Bank (PNB) will retain stake in two life insurance ventures after receiving an approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Following the merger of Oriental Bank of Commerce with PNB on April 1, 23 per cent of stake of the former in Canara HSBC OBC Life Insurance stands transferred to the latter. PNB is already a promoter of PNB Metlife Insurance with the highest stake of 30 per cent since 2012.

Founded in 2001, PNB Metlife's other shareholders include US-based Metlife with 26 per cent, Elpro (21 per cent) and M Pallonji