Business Other News 19 Dec 2019 PNB stock falls afte ...

PNB stock falls after bonds put on rating watch

DECCAN CHRONICLE. | FALAKNAAZ SYED
Published Dec 19, 2019, 5:24 am IST
Updated Dec 19, 2019, 5:24 am IST
There has been significant progress on the amalgamation including approvals from the Boards of the banks.
United Bank of India and Oriental Bank of Commerce will be merged with PNB, making the merged entity the second-largest public sector bank.
 United Bank of India and Oriental Bank of Commerce will be merged with PNB, making the merged entity the second-largest public sector bank.

Mumbai: Punjab National Bank (PNB) stock fell 2.32 per cent to Rs 63.20 after it said that rating agency Crisil had put its bonds on "rating watch with developing implications" from stable.

Crisil in September had rated these bonds as stable and the revision was on account of the announcements made by the Ministry of Finance with respect to the proposed amalgamation of public sector banks, PNB said in a regulatory filing.

 

United Bank of India and Oriental Bank of Commerce will be merged with PNB, making the merged entity the second-largest public sector bank.

There has been significant progress on the amalgamation including approvals from the Boards of the banks. Crisil will resolve the rating watch once clarity emerges, post-merger completion, on the merged entity's business and financial profile.

“Crisil will monitor for potential integration challenges and any impact on the earnings profile of the merged entity. The asset quality of the merged entity will also be a monitorable,” it said.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT