Top
Begin typing your search above and press return to search.
keyboard_arrow_down
Login
exit_to_app
Farmer rage and Opposition parties
access_time 19 Sep 2020 6:51 AM GMT
access_time 19 Sep 2020 3:50 AM GMT
Going beyond birthday celebration
access_time 18 Sep 2020 6:05 AM GMT
Periyar@142-Revolutionary and Visionary
access_time 17 Sep 2020 11:57 AM GMT
The word of caution from the highest court
access_time 17 Sep 2020 6:31 AM GMT
access_time 16 Sep 2020 5:58 AM GMT
DEEP READAll arrow_drop_down
The ogres in the mind
access_time 8 Sep 2020 11:27 AM GMT
Why worry about populism?
access_time 4 Sep 2020 9:51 AM GMT
Media mind-set towards minorities
access_time 15 July 2020 4:29 PM GMT
exit_to_app
Homechevron_rightBusinesschevron_rightFunctioning of merged...

Functioning of merged entity of PNB, OBC, UBI to be big challenge during lockdown: Official

text_fields
bookmark_border
Functioning of merged entity of PNB, OBC, UBI to be big challenge during lockdown: Official
cancel

Kolkata: The functioning of the amalgamated entity of three PSBs -- Punjab National Bank, Oriental Bank of Commerce and United Bank of India that comes into being on April 1-- will be a "big challenge" in the wake of the ongoing 21-day nationwide lockdown, an official said on Friday.

The merger of UBI and OBC into PNB will lead to the creation of the country's second largest lender after State Bank of India, the official said.

"Under the given conditions, the effective functioning of the merged entity will be a big challenge. The government has not given any direction so far in this regard," the UBI official told PTI.

The legal process of the merger has been completed, he said.

OBC and UBI are the transferor banks while PNB is the transferee in this amalgamation process.

The boards of UBI and OBC will cease to exist from April 1, 2020, the official said. .

"The effective functioning of the merged entity will be seriously impacted due to the outbreak of COVID-19, which has put all plans into a tailspin," the official said.

According to the swap ratio, 1,150 equity shares of PNB are to be exchanged for every 1,000 shares of Oriental Bank of Commerce. As many as 121 equity shares of PNB are to be swapped for every 1,000 shares of the Kolkata-headquartered bank.

Show Full Article
TAGS:
Next Story