Punjab National Bank Waiting For Irda Nod On Metlife Deal
Kolkata
Awaiting regulatory approval for its proposed acquisition of a 30 per cent stake in insurance company Metlife, Punjab National Bank (PNB) has said it will not disclose the rationale behind the move or the financial details until IRDA gives its nod.
“We are waiting regulatory approval from the Insurance Regulatory and Development Authority (IRDA) for the deal and unless that comes through, we will not disclose the details and strategy,” PNB Chairman and Managing Director K R Kamath told PTI on the sidelines of the 100-year celebrations of the bank’s operations in the eastern region.
Kamath said PNB does not foresee any hurdles in the way of the deal, which was announced five months ago, and would unveil the transaction details after approvals were in place.
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