PNB seeks to continue with subsidiaries
By Our Banking Bureau | 09 Mar 2002
Mumbai:
Punjab National Bank (PNB) has sought the Reserve Bank of
Indias 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 banks 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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