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K.R. Srivats

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New Delhi Feb. 26 Punjab National Bank (PNB)hopes to finalise the joint venture partner for its proposed credit card foray by end-March.

About 11-12 proposals have already been received in response to the expression of interest (EOI) invited by the bank to partner its credit card venture.

"We are shortlisting these responses to one or two names. We will then finalise the joint venture partner and enter into MoU with that entity by March-end. After the MoU, we will talk about specifics such as the shareholding pattern," a senior official of the bank said.

The official said the entities that had evinced interest included domestic as well as foreign banks, NBFCs and technology companies.

In July last year, PNB had decided to set up a joint venture company to deal with all aspects related to its credit card business.

Ropes in E&Y

PNB had roped in Ernst & Young as its consultant for its foray into credit card business. Besides formulating a business plan for PNB's credit card business, E&Y would also help the bank in identifying a joint venture partner for this business.

PNB wants to be the primary card issuer under the proposed joint venture. A PNB official highlighted that credit card business has become more technology-intensive.

Currently, PNB has a co-branding tie-up with HSBC in which the latter is the card issuer and plays the dominant role. Indications are that PNB would withdraw from the tie-up as soon as the joint venture takes off.

More Stories on : Credit Cards & Debit Cards | Public Sector Banks | Punjab National Bank

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