Money & Banking

PNB board gives nod for merger with OBC, United Bank

Our Bureau New Delhi | Updated on September 26, 2019 Published on September 05, 2019

Punjab National Bank’s board, on Thursday, gave its ‘in-principle’ approval for the amalgamation of Oriental Bank of Commerce (OBC) and United Bank with PNB.

The PNB board also approved the capital infusion of ₹18,000 crore by the Central government. The capital infusion will take place through preferential allotment of equity shares in favour of the Central government.

An EGM of shareholders will be held on October 22 for this purpose, said PNB.

Read also: Govt banks on big bank mergers as GDP tanks

 

Published on September 05, 2019
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