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K.R. Srivats

New Delhi, Aug. 6 The Punjab National Bank Chairman and Managing Director, Dr K.C. Chakrabarty, on Monday ruled out any bonus issue of equity shares by the bank for now, stating that such an issuance would not result in sizeable value creation at the market place for the investors.

At the sixth annual general meeting of the bank here, he also turned down certain shareholders’ demands for 1 per cent additional interest on deposits made by shareholders. The reason attributed was that there cannot be any discrimination among customers (senior citizens are an exception) and this was a regulatory requirement.

Meanwhile, PNB, after upgrading its representative office at London into a wholly owned subsidiary, is also looking to open an offshore banking unit at Singapore and a subsidiary at Canada. PNB has already been granted a licence by the Hong Kong Monetary Authority for setting up a branch at Hong Kong.

More Stories on : Bonus Announcements | Public Sector Banks | Punjab National Bank

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