Punjab National Bank to start Bhutan JV by year-end
Public-sector lender Punjab National Bank on Sunday said it will enter Bhutan by the end of this year through a banking joint venture, for which a memorandum of understanding will be signed by July.
By PTI |
NEW DELHI: Public-sector lender Punjab National Bank today said it will enter Bhutan by the end of this year through a banking joint venture, for which a memorandum of understanding will be signed by July.
"Negotiations are going on with the identified joint venture partners about price and capital structures... MoU with the selected partner will be signed in the next three months," PNB Chairman and Managing Director K C Chakrabarty said.
The JV got a bit delayed because of the election process in Bhutan, he said, adding that "this year we will be able to start business in the Himalayan country".
Currently, the bank is fine-tuning the details and the MoU will be signed by July.
Meanwhile, the Delhi-based bank is in the process of setting up the credit cards business on its own.
"We will like to launch credit card business by October by introducing a range of cards to begin with," Chakrabarty said.
"Our cards would be better than the existing market players," he said, adding that there would be both domestic and international cards.
Last year, the PNB board had given approval to forming a joint venture with Venture Infotech Global and American International Group Inc (AIG) consortium for the card business.
Soon after the board approval, the bank sought the RBI clearance, which is yet to be given. In the absence of RBI's nod, the bank decided to go ahead on its own.
He said, as and when the apex bank would give approval, the bank would look at the possibility of inducting a partner.
"Negotiations are going on with the identified joint venture partners about price and capital structures... MoU with the selected partner will be signed in the next three months," PNB Chairman and Managing Director K C Chakrabarty said.
The JV got a bit delayed because of the election process in Bhutan, he said, adding that "this year we will be able to start business in the Himalayan country".
Currently, the bank is fine-tuning the details and the MoU will be signed by July.
Meanwhile, the Delhi-based bank is in the process of setting up the credit cards business on its own.
"We will like to launch credit card business by October by introducing a range of cards to begin with," Chakrabarty said.
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"Our cards would be better than the existing market players," he said, adding that there would be both domestic and international cards.
Last year, the PNB board had given approval to forming a joint venture with Venture Infotech Global and American International Group Inc (AIG) consortium for the card business.
Soon after the board approval, the bank sought the RBI clearance, which is yet to be given. In the absence of RBI's nod, the bank decided to go ahead on its own.
He said, as and when the apex bank would give approval, the bank would look at the possibility of inducting a partner.
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