Punjab National Bank (PNB) has received approval of Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India for divestment of Bank's entire/part stake in UTI Asset Management Company (UTI AMC) in single or multiple tranches subject to compliance of SEBI Regulations/other applicable regulatory guidelines.
The bank holds 15.22 per cent stake in UTI AMC as on date. The timeline for making the divestment is yet to be finalized.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.