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K.R. Srivats

New Delhi, May 27

Punjab National Bank is keen to take a 51 per cent stake in the proposed joint venture for setting up a bank in Bhutan.

It had recently signed a memorandum of understanding with local promoters in Bhutan for such a venture.

“We have approached the Reserve Bank of India to allow us to make external investments in Bhutan. Earlier, we were looking at 30 per cent stake in the joint venture and had got an in-principle nod from the RBI.

“Now, we want to take 51 per cent stake and we have gone back to the RBI,” Mr K. Raghuraman, Executive Director, PNB, told Business Line.

He expressed confidence that the proposed joint venture, which may be named as PNB Drug, would become operational during the current fiscal itself.

PNB is looking to expand in the South Asian Association for Regional Cooperation (SAARC) region and already has presence in Nepal through a joint venture.

Mr Raghuraman also said that the bank had two years ago sought approval from the banking regulator for establishing presence in Pakistan.

“We would certainly like to be in Pakistan as this bank was born there,” he noted.

On PNB’s credit card business, Mr Raghuraman said that the bank hopes to issue its own credit cards from October 1.

More Stories on : Mergers & Acquisitions | Overseas Investments | Punjab National Bank

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