Online edition of India's National Newspaper
Thursday, Jan 20, 2005

About Us
Contact Us
Business
News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Classifieds | Employment | Obituary |

Business Printer Friendly Page   Send this Article to a Friend

Andhra Bank signs MoU with PNB AMC

By Our Special Correspondent

HYDERABAD, JAN. 19. Andhra Bank has signed a Memorandum of Understanding to acquire 5 per cent stake in Principal PNB Asset Management Company, and Principal Trustee Company.

The MoU was signed with Punjab National Bank (PNB), Vijaya Bank and Principal Financial group who are partners in the joint venture. While Andhra Bank will be investing Rs. 13.25 crores for a 5 per cent stake (including distribution and trustee companies), PNB holds 30 per cent, Vijaya Bank 5 per cent and Principal Financial group 60 per cent.

T. S. Narayanasami, Chairman and Managing Director, Andhra Bank, said the bank had set for itself a target of Rs. 500 crores in mutual funds business by March. It recently opened 16 financial centres, and had already done Rs. 102 crore mutual fund business.

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Classifieds | Employment | Obituary | Updates: Breaking News |


News Update


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu