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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 deal

Apnaloan.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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