PNB board gives in-principle nod for merger of OBC and United Bank of India

PNB board gives in-principle nod for merger of OBC and United Bank of India

MumbaI: The Board of Directors of Punjab National Bank (PNB) in its meeting held on Thursday has considered and decided to give its in-principle approval for amalgamation of the Oriental Bank of Commerce (OBC) and United Bank of India into Punjab National Bank and commence the amalgamation process for the same, subject to all applicable approvals. The board meeting follows Union government letter dated 30.08.2019 wherein Punjab National Bank, Oriental Bank of Commerce and United Bank of India were advised to consider amalgamation of the three banks. Further, in the meeting today, the Board has also approved the Capital infusion of up to Rs 18,000 crore by Union government for preferential allotment of equity shares of Bank at a price determined in terms of SEBI (ICDR) Regulations and holding of Extra General Meeting (EGM) on Tuesday, 22 nd October 2019, for obtaining approval of shareholders.


Share it
Top