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PNB identifies JV partners for credit card business
Punjab National Bank (PNB) will collaborate with Venture Infotech Global Pvt and American International Group Inc (AIG) consortium as joint venture partners for the bank's proposed credit card business. The joint venture subsidiary would exclusively dealApnaloan.com Research Bureau
14 Sep 2007
Punjab National Bank (PNB) will collaborate with
Venture Infotech Global Pvt and American International Group Inc (AIG)
consortium as joint venture partners for
the bank\'s proposed credit card business. The joint venture subsidiary would
exclusively deal with all aspects of credit
card business.
PNB informed the stock exchange that the proposed
business will start in the first quarter of the next fiscal, subject to
RBI and government approval. The decision
to this effect was taken in the board meeting held on , September 13, 2007.
The bank, at present, offers co-branded
international credit card in alliance with Hong Kong & Shanghai Banking
Corporation Ltd (HSBC), while for the debit
card the bank has tied-up with Mastercard.
Once the new entity takes off, the tie-up with
HSBC would cease and the bank would ensure that the existing credit card
holders do not have any problem. PNB has
plans to set up a joint venture bank in Bhutan.
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