Financial Daily from THE HINDU group of publications
Tuesday, Mar 29, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 29, 2005 |
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Money & Banking
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Alliances & Joint Ventures Allahabad Bank-PNB Kazakh venture set for take-off Our Bureau
Mr O.N. Singh
New Delhi , March 28 THE Kazakhstan joint venture subsidiary between Allahabad Bank and Punjab National Bank (PNB) is expected to take off within the next two months. Addressing a press conference here today to announce the launch of its follow-on public offer, the Chairman and Managing Director of Allahabad Bank, Mr O.N. Singh, said that the RBI has already granted its approval for the subsidiary. Requisite clearance from Kazakhstan is being awaited. "It will take another two months to start a subsidiary in Kazakhstan," Mr Singh said. PNB would hold 60 per cent in the subsidiary while the remaining 40 per cent would be held by Allahabad Bank. Mr Singh said that the bank was planning to convert its subsidiary Allbank Finance into a merchant banking arm. He said that though the RBI had asked Allahabad Bank to liquidate the NBFC arm, the bank wants to convert it to a merchant banker.
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