Financial Briefing

FE NEWS SERVICE

Boston Consultancy to advise PNB on recast: The Punjab National Bank (PNB) has appointed Tata Consultancy Services (TCS) and Boston Consultancy for restructuring its operations. As part of the exercise, TCS would advise PNB on the information technology areas and Boston Consultancy on the overall banking operations, PNB sources said. The two firms were selected last month by the bank after presentations from five management consultancy firms including KPMG Petemaverik, Arthur Anderson and Mckinsey were received. The bank had planned restructuring in late 1997.

United Western Bank deposits up: Satara-based United Western Bank has registered a rise of 30 per cent in deposits to Rs 3,450 crore for the financial year ended March 31, 1999. The gross advances have also reached Rs 1,700 crore while the total business mix of the bank crossed Rs 5,000 crore in FY 1999. The investment portfolio of the bank has crossed Rs 1,175 crore.

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