PNB receives approval for JV in Bhutan

Agencies
Posted: Monday, Dec 29, 2008 at 1202 hrs IST
Updated: Monday, Dec 29, 2008 at 1202 hrs IST

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Mumbai: State-run Punjab National Bank on Monday said that it has received regulatory approval from the Royal Monetary Authority of Bhutan for setting up a bank in joint venture with the Bhutanese Promoters.

The Royal Monetary Authority of Bhutan has accorded in-principle approval for setting up Druk PNB Bank Ltd, a joint venture bank between PNB and Bhutanese Promoters, PNB said in a filing to the Bombay Stock Exchange.

Earlier this year, the country's second largest public sector lender had said it has signed a memorandum of understanding with the Bhutanese counter part, for which the bank had received approval from the Reserve Bank of India.

The JV entity -- Druk PNB Bank Ltd -- would have a paid-up capital of Rs 30 crore and should be operational in the January-March quarter of 2009, PNB had said.

Besides, the bank is also eying overseas operations in Norway, Dubai, Shanghai and Singapore.

Shares of the bank were trading at Rs 498.65, down 1.69 per cent in the early morning trade on the BSE.

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