PNB waiting for IRDA nod on Metlife stake

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,” said Mr K R Kamath, Chairman and Managing Director, PNB on the sidelines of the 100-year celebrations of the bank’s operations in the eastern region.

Mr 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.

If the proposed deal goes through, PNB would become the largest shareholder in the insurance company.

Speaking about overseas expansion, Mr Kamath said the bank is awaiting approval from the Canadian authorities for setting up a subsidiary in that country, besides the regulator’s nod in Oslo, Norway.

“We have applied with Reserve Bank of India for Maldives and after receiving positive feedback from a survey, we will soon move to our regulator to foray into Bangladesh,” he said.