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PNB may bid for IFCI; to begin credit card business in 6 months

Wednesday, June 11, 2008

Mumbai, Jun 10 Amid reports that IFCI will again invite bids for inducting a strategic partner, Punjab National Bank on Tuesday said it may bid for the stake through a consortium.

“If other people approach us and if it looks exciting, we may bid... We have not taken a view on that (rebidding for IFCI stake),” PNB chairman and managing director KC Chakrabarty said.

The PNB is all set to make its foray into the credit card business within six months from now. However, the bank wants to go by its own and it has no plan to do it through co-branding. Still, the bank will be using Mastercard as the platform for its credit card venture. Also, the bank was looking for a partner to whom it can sell 26% of its stake in its another venture known as PNB Gilts.

Talking to reporters on the sidelines of Skoch BFSI summit in Mumbai on Tuesday, JM Garg, executive director of the bank, said ``We have a customer base of 3.7 crore out of which, 1.75 crore customers were having their deposits in our bank more than Rs 1 lakh and would be our prospective customers for our forthcoming credit card business too.’’

Source: http://www.financialexpress.com/

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