Punjab National Bank, Vijaya Bank in pact with US company

By New Delhi: | 27 Jun 2003

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New Delhi: Punjab National Bank (PNB), Principal Financial Services Inc, USA, and Vijaya Bank have signed a memorandum of understanding (MoU) to join hands for life insurance, pensions and asset management business in India.

According to a joint release issued here, the proposed venture will look forward to harness strengths of three partners to launch innovative products in all the three fields — mutual funds, pension and insurance. The network of branches of PNB and Vijaya Bank is expected to provide the necessary reach for marketing the products offered.

 

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