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Home > Business > Reuters > Report

Cabinet clears Nedungadi Bank, PNB merger

January 21, 2003 16:41 IST

The Cabinet has approved the amalgamation of privately-owned cash-strapped Nedungadi Bank with leading state-run Punjab National Bank, a government spokesman said on Tuesday.

"The Cabinet on Tuesday approved amalgamation of Nedungadi Bank Ltd with Punjab National Bank," Sahab Singh told reporters after a Cabinet meeting. "The scheme for amalgamation proposes that the business, properties, assets and liabilities of Nedungadi Bank would be transferred to PNB."

New Delhi-based PNB is India's second-largest bank by number of branches. Nedungadi Bank reported a net loss of 678 million rupees in the year to March 2001 and its non-performing assets have shot up, the spokesman said.

The news boosted both bank's shares.

© Copyright 2003 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.



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