Punjab National Board approves OBC, UBI merger with itself

Updated: Sep 05, 2019, 18:22 IST | mid-day online correspondent

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

Pic/Twitter IANS
Pic/Twitter IANS

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.

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.

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