PNB seeks to continue with subsidiaries
Our Banking Bureau
9 March 2002
 Mumbai:
Punjab National Bank (PNB) has sought the Reserve Bank of
India’s permission to continue with its two subsidiaries
— PNB Asset Management Company (AMC) and PNB Capital Services
Ltd (PNB Caps).
The RBI had
earlier asked PNB to close down PNB Caps in view of the "lack
of clarity on sustainability" of the non-fund-based business.
Speaking at
a press meet to announce the bank’s IPO here, PNB chairman and
managing director S S Kohli said: "The RBI has said it will
take a view on this matter, depending on the financial performance
of both the companies, in this fiscal."
"AMC
has finally posted a profit this year after five years. PNB Caps
is also doing reasonably well. We are looking for joint v enture
partners for both the subsidiaries and are in negotiations with
several candidates," Kohli said.
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