Tuesday, Jul 12, 2005
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KOLKATA: Punjab National Bank (PNB) is exploring the equity-acquisition opportunities in some countries including Bangladesh, Chairman and Managing Director, S. C. Gupta, said.
Addressing a press meet here on Saturday last, he said the bank already had a 20 per cent equity stake in Average Bank in Nepal and it was "exploring whether it makes business sense to have equity participation.''
Alongside, the bank planned to open at least one more office abroad by March 2006.
He said the bank was eager to enter the insurance sector for increasing its fee-based income and was now planning to seek the Insurance Regulatory and Development Agency's approval for this project, which had already been okayed by the Reserve Bank of India.
It had in place a four-way joint venture with Principal (a Fortune 500 company), Vijaya Bank and Berger Paints for tapping the life as well as non-life products. Once this venture commenced its activities, the present joint venture also with Principal for marketing insurance products would be stopped, PNB officials said.
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