Punjab National Bank unveils new logo ahead of merger1 min read . Updated: 30 Mar 2020, 03:41 PM IST
- PNB will become India's second largest bank from April 1
- UBI and OBC will be merged with PNB
NEW DELHI : Ahead of its merger with the United Bank of India (UBI) and the Oriental Bank of Commerce (OBC) from April 1, Punjab National Bank (PNB) today unveiled a new logo which bears the signages of all the three PSU banks. From the next financial year, PNB will become the second largest lender in India after the State Bank of India (SBI).
"#PunjabNationalBank is here with #OrientalBankofCommerce & #UnitedBankofIndia in an all new avatar. Be a part of the #TogetherForTheBetter journey with us and experience a smoother and smarter way of banking," PNB said in a tweet on Monday.
Assuaging concerns regarding the merged entity, PNB also said there is no reason to worry as the three banks are coming together to be better, bigger and stronger.
"Together we are bigger, stronger & faster. People & Banking will now be closer than ever before. You will have products fine tuned to your needs," it said in another tweet.
The Reserve Bank of India (RBI) has already issued a statement that the merger will take place as scheduled on April 1. There were concerns that the 21-day nationwide lockdown might impact the mega merge plan in which 10 state-owned banks will be merged into four bigger and stronger banks.
OBC and UBI are the transferor banks while PNB is the transferee in this amalgamation process. The boards of UBI and OBC will cease to exist from April 1, 2020.
According to the swap ratio, 1,150 equity shares of PNB are to be exchanged for every 1,000 shares of Oriental Bank of Commerce. As many as 121 equity shares of PNB are to be swapped for every 1,000 shares of the Kolkata-headquartered bank.