Punjab National Bank's (PNB) Board of Directors in its meeting held on February 28, has accorded approval for withdrawal of the process for divestment of the Bank's stake in Canara HSBC Life Insurance Company. The bank shall hold its stake in the company as an investor, subject to regulatory approvals. PNB holds a 27 percent stake in Canara HSBC Life Insurance Company.
On May 29, 2021, PNB informed exchanges that it intends to divest its stake in Canara HSBC Life Insurance Company, an associate company of the bank, at an appropriate time depending upon market conditions and available options.
PNB saw a 44 percent decline in its profit in Q3, with asset quality seeing a slight improvement on a sequential basis. The bank also got a government nod on November 24, 2022, to divest its entire stake (15.22 percent) in UTI AMC.
PNB stock is trading with healthy gains of more than 3 percent in today’s trade, 0.9X of its average volume. The stock has risen nearly 5 percent this week & is up 8 percent for the month.
First Published: Mar 1, 2023 3:02 PM IST
