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May 28, 2001
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Money > Reuters > Report May 28, 2001 |
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Punjab National Bank plans IPO in 2001Punjab National Bank, one of the largest state-run banks in India, plans to make an initial public offering of shares later this year, its chief said. "We are planning to come with an IPO this year. We have filed the documents with Securities and Exchange Board of India. It is for about Rs 4 billion," S S Kohli, chairman of PNB said in an interview on Sunday. He said the public offer should come through by third or fourth quarter of current financial year. The issue had been postponed in the past due to choppy capital market conditions. Asked whether the bank was eyeing any acquisitions, Kohli said: "First we want to go for IPO, then we will see. He said PNB had also drawn up plans to enter the country's insurance sector, which was thrown open to private Indian and foreign companies in 1999 after decades of state control. "We have applied to Reserve Bank of India for insurance. We are joining hands with Zurich and after the approval of RBI further action would be taken," Kohli said. He said he was hopeful that the bank's insurance venture would kick off this year. ZURICH VENTURE Kohli said Zurich Financial Services would have a 26 per cent stake in the insurance venture and the Munjal group would have 50 per cent. The share holding of PNB and Vijaya Bank was yet to be finalised. "We have applied for both life and non-life sector," Kohli added. India's largest commercial bank, State Bank of India is also expected to launch its life insurance products shortly. SBI has tied up with Cardiff, which holds a 26 per cent stake. Several foreign companies, including Prudential, Standard Life, American Insurance Group, Allianz and Sun Life Finance Services of Canada are eyeing the lucrative Indian insurance market. Kohli said the bank's focus this year would be on retail loans. "We plan that 40 per cent of the credit should go to retail, housing and consumer loans." The bank also plans a major technological overhaul and have joined hands with Infosys Technologies for providing solutions. "Against 16 Automated Teller Machines last year, 70 ATMs are working already the plan is to install 300 ATMs this year. These 300 ATMs we plan to have inter-connectivity within this year," Kohli said. The bank is also embarking on branch expansion catering to high value clients, he said.
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