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Oriental Bank of Commerce (OBC) was an Indian public sector bank headquartered at Gurgaon, Haryana. It had 2390 branches and 2625 ATMs across India. It had 2390 branches and 2625 ATMs across India. In April 2020, the bank along with United Bank of India was merged with Punjab National Bank , making the latter the second-largest public sector ...
On 30 August 2019, Finance Minister Nirmala Sitharaman announced that the Oriental Bank of Commerce and United Bank of India would be merged with Punjab National Bank. The proposed merger would make Punjab National Bank [20] the second largest public sector bank in the country with assets of ₹ 17.95 lakh crore (US$210 billion) and 11,437 ...
The proposed merger would make Punjab National Bank the second largest public sector bank in the country with assets of ₹ 17.95 lakh crore (US$210 billion) and 11,437 branches. [4] [5] MD and CEO of UBI, Ashok Kumar Pradhan, stated that the merged entity would begin functioning from 1 April 2020. [6] [7] The Union Cabinet approved the merger ...
The mergers took effect from 1 April 2020. [8] Allahabad Bank was merged into Indian Bank. Oriental Bank of Commerce and United Bank of India were merged into Punjab National Bank. Andhra Bank and Corporation Bank were merged into Union Bank of India. Syndicate Bank was merged into Canara Bank.
Shareholders of OBC and UBI will receive 1,150 shares and 121 shares of Punjab National Bank, respectively, for every 1,000 shares they hold. [57] The merge came into effect since 1 April 2020. Post merger, Punjab National Bank has become the second largest public sector bank in India [58]
The company was partnered with Dhanlaxmi Bank in June 2017. [12] It is also tied up with Can Fin Homes and [13] IndianMoneyInsurance.com. [14] In April 2020, Oriental Bank of Commerce had merged with Punjab National Bank. [15] [16] On 15 June 2022, the company rebranded as Canara HSBC Life Insurance. [17]
Date. Acquiring bank. Acquired bank. Purchase price. Sept. 30, 1998. Bank of America. NationsBank. $62 billion. July 1, 2004. J.P. Morgan Chase. Bank One. $58 billion
It came into existence on 8 October 2003 with five member banks, Punjab National Bank (PNB), Oriental Bank of Commerce (OBC), Indian Bank, Karur Vysya Bank and IndusInd Bank with UCO Bank joining later. [1] ATM transaction switching technology was provided by Chennai-based Financial Software Solutions Ltd.