About PNB, Full Form, Founder, CEO, Headquarter, History, Mergers, etc.

The full form of PNB is Punjab National Bank.

Full Form of PNB ( पीएनबी ) in Hindi – पंजाब नैशनल बैंक

About PNB

PNB ( Punjab National Bank) is a nationalized bank. PNB was founded in 1894. PNB commenced its operations on 12 April 1895 in Lahore. It is the second-largest government-owned bank in India. It’s under the ownership of the Finance Ministry, Government of India.

Founder of PNB

Dyal Singh Majithia

Lala Lajpat Rai

Dwarka, Delhi, India

CH S. S. Mallikarjuna Rao (also MD)

Headquarters of PNB

Dwarka, Delhi, India

CEO of PNB

S. S. Mallikarjuna Rao

He became CEO of PNB on 1 October 2019. He is also MD (Managing Director) of PNB.

S. S. Mallikarjuna Rao

International Subsidiary and Branches

• PNB has a banking subsidiary in the UK. (PNB International Bank) and seven branches in the UK.
• PNB also has branches in Dubai, Hong Kong, Kabul, and Kowloon.
• It has representative offices in Sydney (Australia), Shanghai (China), Almaty (Kazakhstan), Dubai (United Arab Emirates), Oslo (Norway).
• In Bhutan, it owns 51% of Druk PNB Bank, which has five branches.
• In Nepal, PNB owns 20% of Everest Bank Limited, which has 50 branches.
• In Kazakhstan, PNB owns 41.64% of JSC (SB) PNB Bank, which has four branches.

Subsidiaries

List of subsidiaries of Punjab National Bank.

• PNB Housing Finance Ltd.
• PNB Metlife India Insurance Company Co. Ltd.
• PNB (International) Ltd.
• PNB Investments Services Ltd.
• PNB Cards and Services Ltd.
• Druk PNB Bank Ltd.
• PNB Gilts Limited

History

• On 19 May 1984, PNB was registered in Lahore, under the Indian Companies Act.

• It was founded by the leaders of the Swadeshi movement. Lala Lajpat Rai was actively involved in managing the bank in its early years.

• On 12 April 1895, in Lahore, PNB commenced its operations and opened branches in Peshawar and Karachi in 1904.

• In 1963, the Government of Burma nationalized PNB’s Ragoon branch.

• After the Indo-Pak war in 1965, the Govt. of Pakistan seized offices of Indian banks located in Pakistan including the head office of PNB.

• In 1969, the Government of India nationalized PNB, and on 19th July.

• In 1978, PNB opened a branch in London.

Amalgamation

On 30 August 2019, Nirmala Sitharaman, the Finance Minister announced that the Oriental Bank of Commerce (OBC) and United Bank of India (UBI) would be merged with PNB.
On 4 March 2020, The Union Cabinet approved the merger. The next day PNB announced that its board had approved the merger ratios.

Shareholders of Oriental Bank of Commerce will receive 1,150 shares and United Bank will receive 121 shares of PNB, for every 1,000 shares they hold.

On 1 April 2020, the merger came into effect.