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On 30 August 2019, Finance Minister Nirmala Sitharaman announced that the Oriental Bank of Commerce and United Bank of India (UBI) would be merged with Punjab National Bank (PNB). The proposed merger would make PNB the second largest public sector bank in the country with assets of ₹ 17.95 lakh crore (US$210 billion) and 11,437 branches.
The proposed merger would make Punjab National Bank [20] the second largest public sector bank in the country with assets of ₹ 17.95 lakh crore (US$210 billion) and 11,437 branches. [3] [21] The Union Cabinet approved the merger on 4 March 2020. PNB announced that its board had approved the merger ratios the next day. Shareholders of Oriental ...
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that United Bank and Oriental Bank of Commerce would be merged with Punjab National Bank.The proposed merger would make Punjab National Bank the second largest public sector bank in the country with assets of ₹ 17.95 lakh crore (US$210 billion) and 11,437 branches.
India's Punjab National Bank is looking to merge with two or three government owned banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank, two sources familiar with ...
The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [ 1 ] The next major government intervention in banking took place on 19 July 1969 when the Indira government nationalised an additional 14 major banks.
The two banks operate five locations locally between them.
The company was partnered with Dhanlaxmi Bank in June 2017. [12] It is also tied up with Can Fin Homes and [13] IndianMoneyInsurance.com. [14] In April 2020, Oriental Bank of Commerce had merged with Punjab National Bank. [15] [16] On 15 June 2022, the company rebranded as Canara HSBC Life Insurance. [17]
The merger will create a community bank with approximately $5.2 billion in assets.