Page 12 - Pnb

PNB says board will consider a proposal to raise capital on July 9

Besides, the board will clear opening balance sheet of the amalgamated bank as on April 1

Complete tech integration with OBC, United Bank of India this fiscal: PNB

The integration of the core banking solution platform would take slightly longer time as the merged entity had an older version of this platform, PNB chief said

PNB chief expects a comeback in FY21 with 8-10% credit growth post merger

Merged entity likely to report 8-10% credit growth, better asset quality next fiscal; equity offering by December

Govt to soon unveil name, logo of merged entity of UBI, PNB, OBC: Official

The Centre will soon announce the new name and logo of the entity to be emerged after the merger of Punjab National Bank (PNB) United Bank of India (UBI) and Oriental Bank of Commerce (OBC), an official said on Friday. The new entity will be the second largest bank in the country after State Bank of India (SBI) with a total business volume of Rs 18 lakh crore, he said. "The government is expected to announce the new name and logo of the merged bank which will become operational from April 1, 2020," an UBI official told PTI. He said logo is very important for creating an identity of the new lender and discussions on this aspect have been taken place at the highest level of the three state-run banks. The official also said the 34-odd committees, formed by the three banks for standardisation and harmonisation of procedures, have already submitted their reports to the respective boards of the lenders. "Consultant Ernst & Young (E&Y), which has been appointed by the ..

PNB posts net loss of Rs 492 cr in Q3; gross NPAs down at 16.3%

PNB had last reported a loss in the September-ended quarter of 2018-19 when its net loss was Rs 453 cr

PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life

State-owned Punjab National Bank is seeking IRDAI forbearance on cutting down stake in Canara HSBC OBC Life Insurance, which will come to the lender's fold after its merger with Oriental Bank of Commerce (OBC), sources said. OBC currently holds 23 per cent stake in Canara HSBC OBC Life Insurance. Besides, another public sector lender Canara Bank has 51 per cent stake and HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner owns 26 per cent. As per the extant guidelines, one promoter cannot hold more than 10 per cent stake in two insurance ventures, sources said. After the merger of OBC, expected in April, PNB will automatically get 23 per cent stake in Canara HSBC OBC Life Insurance also. Already, PNB is a promoter of PNB Metlife Insurance with highest stake of 30 per cent. Founded in 2001, PNB Metlife's other shareholders include US-based Metlife with 26 per cent, Elpro (21 per cent) and M Pallonji & Company (18 per cent). The sources said PNB has requested the ...

SBI to divest 8.25% in UTI AMC share sale; BoB, LIC and PNB may follow suit

The total dilution in the IPO could be 33 per cent

Banks Board Bureau recommends BoB's Sanjiv Chadha for the post of MD & CEO

The bureau has also suggested the names of L V Prabhakar and Atanu Kumar Das for Canara Bank Bank of India chiefs, respectively

PNB reports net profit of Rs 507 crore in Q2; finances under stress

Provisioning related to bad loans went up to Rs 3,253 crore in Q2, up from Rs 2,147 crore in the previous quarter

Post-merger preparations: PNB seeks time to offload stake in insurance JV

Union Bank holds around 46 per cent stake in Star Union Dai-ichi Life Insurance and Andhra Bank is a part of IndiaFirst Life Insurance with 30 per cent stake

PNB-UBI-OBC merger: Automated HR integration to quell staff discrimination

All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity

Top events of the day: Modi to meet Iran Prez, One Plus 7T launch and more

From India, US, Japan naval exercise to Vivo V9 Pro launch, Business Standard brings you the top events of the day to keep an eye on

Top events today: Jio Fiber launch, PNB to consider capital infusion & more

From Reliance Jio Fiber launch to SC hearing of P Chidambaram's plea, Business Standard brings you top events of the day

Moody's upgrades PNB's outlook to 'positive' from 'stable'

It also affirmed the local and foreign currency deposit ratings of Canara Bank, OBC, Syndicate Bank and Union Bank at Baa3/P-3

PNB recovers Rs 278-cr minimum balance penalty from poor account holders

This amount has been recovered from about 12.7 million customers across the country

PNB Housing Finance raises Rs 690 crore from IFC through ECB route

This is the maiden fundraising via the ECB route in 2019-20 by PNB Housing Finance. The company further said that other ECB proposals are in the pipeline

Punjab National Bank plans to raise Rs 5,000-crore equity capital

The decision in this regard was taken in the board meeting held Thursday, PNB said in a regulatory filing

Allahabad Bank reports Rs 1,744-cr fraud by Bhushan Power & Steel to RBI

Allahabad Bank further said it has been observed that the company has misappropriated bank funds, and manipulated books of accounts to raise funds from consortium lender banks

PNB detects Rs 3,800-cr fraud by Bhushan Power & Steel Ltd, reports to RBI

Public sector lender Punjab National Bank said Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI). PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. "On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against the company and its directors, alleging diversion of funds from banking system, a fraud of Rs 3,805.15 crore is being reported by bank to RBI," Punjab National Bank (PNB) said in a regulatory filing. "It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks. At present, the case is at NCLT which is in advance stage and the Bank expects good recovery in the account," PNB added. PNB said the bank has already made provisions amounting to Rs 1,932.47 crore,

PNB scam: Singapore HC freezes Nirav Modi' sister's bank account

The high court had ordered freezing the balance of $6.122 million (Rs 44.41 crore) on the request of the Enforcement Directorate (ED)