Amalgamation not on cards, focus on internal consolidation, says PNB MD

Ruling out the possibility of inorganic expansion, Punjab National Bank (PNB) Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy.

With Rs142 billion Nirav Modi episode getting out of scene, the bank is focussing on growth and recovery of bad loans, he told PTI. The bank has registered credit growth more than the industry average, and appreciating the pace of recovery, the government has decided to provide Rs 54.31 billion capital support.
"You are fully aware that financial services secretary has said that they are giving this capital (Rs54.31 billion) for growth. PNB is the second largest public sector bank and we are poised for the growth," he said.

Asked if the PNB is going to acquire some other public sector banks, Mehta said, "There is nothing on the cards from our side".

On whether some amalgamation proposal comes to the bank, he said, "It would depend on different circumstances. Right now we are focussed on internal consolidation and we are not aspiring for any inorganic expansion.”