Punjab National Board approves OBC, UBI merger with itself

Moody' Investors Service updated its outlook on the PNB to positive from stable

On Thursday, the board of Punjab National Bank (PNB) gave an "in-principle approval" to the merger with itself of Oriental Bank of Commerce (OBC) and United Bank of India (UBI). The PNB board also approved the sum of Rs 18,000 crore as a capital infusion, which was announced by the Central government last week.

The board of Punjab National Bank (#PNB) on Sept 5 gave an "in-principle approval" to merger with itself of Oriental Bank of Commerce (#OBC) and United Bank of India (#UBI).

Photo: IANS pic.twitter.com/uoCWFPWjS2

— IANS Tweets (@ians_india) September 5, 2019

On Wednesday, Moody' Investors Service updated its outlook on the PNB to positive from stable. Centrum Broking had said, "Consolidation has generally been near-term detrimental to the stronger (acquiring) banks and an extended integration period remains a challenge."

On Thursday, at around afternoon time, the PNB scrips were trading at 1.84 percent higher at Rs 61 on the BSE.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!