Punjab National Bank Share price

V. BANK AND MANAGEMENTHISTORY AND DEVELOPMENTThe Bank started out as Punjab National Bank Limited incorporated inthe year 1894 and it commenced operations in the year 1895. Consequentupon nationalisation in 1969 the corresponding new bank was named asPunjab National Bank (PNB). From its modest beginning the Bank hasgrown in size and stature to become a leading banking institution inIndia. During its existence of over one hundred years PNB hassuccessfully faced many challenges including that of partition. Thenumber of branches of the Bank rose from 619 at the time ofnationalisation in 1969 to reach 3861 by December 2001. As many as 6banks have merged with PNB the last being the erstwhile New Bank ofIndia a loss making nationalised bank. The merger with New Bank ofIndia was the first ever merger of a nationalised bank with another.PNB has diversified into other banking related areas through itsvarious subsidiaries:PNB Capital Services Ltd. (PNB Caps) the first fully-owned subsidiaryof the Bank established in 1988 is registered with RBI as anon-banking finance company and also with SEBI as Merchant Banker andas a Debenture Trustee. PNB Caps is a member of Delhi Stock Exchangeand Over The Counter Exchange of India (OTCEI). PNB Caps is engaged insecurities related business and offers services in investment bankingproject appraisal loan syndication and corporate advisory activities.PNB Housing Finance Company Ltd. another subsidiary of the Bank wasalso established in 1988 and is engaged in financing housingactivities.PNB Asset Management Co. Ltd. the third subsidiary of PNB manages themutual fund business.PNB Gilts Ltd. is a primary dealer in Government securities and dealswith money market instruments. The company has received ISO 9002certification from British Standard Institution making it the firstprimary dealer in India to achieve this certification for its qualitymanagement systems. PNB Gilts came out with an Initial Public Offeringof 3.5 crores equity shares at Rs. 30/- per share (premium of Rs. 20/-per share) in July 2000.The Bank has sponsored 19 Regional Rural Banks (RRBs) as a part offulfillment of its social responsibilities towards rural developmentand poverty alleviation. Further the Bank has 20% equity participationin Everest Bank Ltd. Kathmandu Nepal. The Bank had earlier mergedwith erstwhile New Bank of India and Hindustan Commercial Bank.