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PNB seeks to continue with subsidiaries
Our Banking Bureau
9 March 2002

Mumbai: Punjab National Bank (PNB) has sought the Reserve Bank of India’s permission to continue with its two subsidiaries — PNB Asset Management Company (AMC) and PNB Capital Services Ltd (PNB Caps).

The RBI had earlier asked PNB to close down PNB Caps in view of the "lack of clarity on sustainability" of the non-fund-based business.

Speaking at a press meet to announce the bank’s IPO here, PNB chairman and managing director S S Kohli said: "The RBI has said it will take a view on this matter, depending on the financial performance of both the companies, in this fiscal."

"AMC has finally posted a profit this year after five years. PNB Caps is also doing reasonably well. We are looking for joint venture partners for both the subsidiaries and are in negotiations with several candidates," Kohli said.

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PNB seeks to continue with subsidiaries