Punjab National Bank to exit insurance JV.
BANKING AND CREDIT NEWS-May 31, 2021--Punjab National Bank to exit insurance JV
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Global Banking News - 31 May 2021
India-based Punjab National Bank (PNB) has announced plans to exit a JV in India.
The firm said that it would exit its stake in Canara HSBC OBC Life Insurance Co Ltd, which was launched in 2008. Following the amalgamation with Oriental Bank of Commerce (OBC) on April 1 last year, the bank became a promoter-shareholder with a 23 percent stake.
The bank said that it would divest its stake at the appropriate time. Regulations in India require that a commercial bank should not hold more...
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