Bank mergers: All branches of Oriental Bank of Commerce, United Bank of India start functioning as PNB branches

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April 1, 2020 1:06 PM

A robust risk governance mechanism has been set up to mitigate risks and make the banking experience secure and safe, PNB noted.

PNB 2.0 will be offering specified inter-operable services through all branches and all platforms including Mobile and Internet Banking.

State-owned Punjab National bank on Wednesday said all nation-wide branches of United Bank of India and Oriental Bank of Commerce has started functioning as PNB branches. The amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce has come into effect from April 1, 2020.

The merger will create the second largest nationalized bank of the country – both in terms of business and branch network. The synergy from the amalgamation will create a globally competitive, next generation bank, PNB 2.0, the bank said in a release and added that allcustomers, including depositors, will be treated as PNB customers.

PNB 2.0 will be offering specified inter-operable services through all branches and all platforms including Mobile and Internet Banking, it added. Theamalgamated bank will have a wider geographical reach through 11,000 plus branches, more than13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crore.

“The bigger geographical footprint will help us serve our customers more effectively and efficiently,” saidS S Mallikarjuna Rao, MD & CEO of Punjab National Bank. The lender said it hasappointed ‘Bank Sathi’ at all branches/zones/head office (of all three banks) that will address customer concerns and assist them in choosing the right products and services.It will also smoothen the customer transition, it added.

A robust risk governance mechanism has been set up to mitigate risks and make the banking experience secure and safe, PNB noted. Meanwhile, PNB has unveiled a new logo following the merger of United Bank of India and Oriental Bank of Commerce with it. The new logo will bear distinct signages of all the three public sector lenders.

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