Oriental Bank of Commerce’s Board will meet on September 18 to consider proposal for approval of amalgamation of the bank with Punjab National Bank (PNB), a top official said.
“Our Board will meet on September 18 to consider merger approval”, Mukesh Kumar Jain, Managing Director & CEO, Oriental Bank of Commerce told BusinessLine here.
It may be recalled that Finance Minister Nirmala Sitharaman had on August 30 announced as part of mega merger plan for PSBs that Oriental Bank of Commerce and United Bank of India will get amalgamated into Punjab National Bank.
PNB Board had recently given its in-principle approval for the three way amalgamation between itself, OBC and United Bank of India. PNB has also embarked on a massive consultant/advisor recruitment drive across 21 banking domain areas to ensure seamless implementation of merger process.