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Subsidiaries, Associates and Joint Ventures

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Subsidiaries, Associates and Joint Ventures

Subsidiaries: Domestic


Sr No. Name of the Entity Country of Incorporation Proportion of ownership %
i) PNB Gilts Ltd. India 74.07
ii) PNB Investment Services Ltd. India 100
iii) PNB Insurance Broking Pvt. Ltd.# India -
iv) PNB Cards and Services Limited ## India 100

# PNB Insurance Broking Pvt. Ltd. is non-functional, the Broking license has been surrendered, capital stands extinguished and liquidator shall be completing the necessary formalities to conclude the winding up procedure.

## PNB Cards and Services Ltd. has been incorporated on 16.03.2021 as wholly owned Credit Card Subsidiary of PNB.


1. PNB GILTS LTD.

PNB Gilts Ltd., a subsidiary of the Bank, is engaged in the business of trading in Govt. securities, treasury bills and Non SLR Investments. It is also engaged in dealing in Money Market Instruments (Call/Notice/Term Money, Repo /Reverse Repo, Inter-corporate Deposits, Commercial Paper, Certificate of Deposit). The company is listed at NSE and BSE.

2. PNB INVESTMENT SERVICES LTD

PNB Investment Services Ltd, a wholly owned subsidiary, has been set up by the Bank for carrying out Merchant Banking Business. It provides services for Project Appraisal, Loan Syndication, Debt Placement and to executes IPOs/FPO/QIPs. PNBISL is registered with SEBI as a Category- I Merchant Banker.

3. PNB INSURANCE BROKING Pvt. Ltd.

PNB Insurance Broking Pvt. Ltd. is non-functional, the Broking license has been surrendered, capital stands extinguished and liquidator shall be completing the necessary formalities to conclude the winding up procedure.

Subsidiaries: International

Sr. No Name of the Entity Country of incorporation Proportion of
ownership
1

Punjab National Bank (International) Ltd.

United Kingdom 100%
2

Druk PNB Bank Ltd

Bhutan 51%

Associates: Domestic

Associates: International

Sr. No Name of the Entity / Associates Country of
incorporation
Proportion of
ownership
1 JSC Tengri Bank, Kazakhstan Kazakhstan 41.64%

JSC Tengri Bank

Agency of the Republic of Kazakhstan revoked license of JSC Tengri Bank to conduct Banking, other operation and activities in the securities market and appointed temporary administrator wef 18th September, 2020. The temporary administrator has filed law suit for liquidation process of JSC Tengri Bank on 28th September 2020. On 15th February 2021, the decision of liquidation of JSC Tengri Bank came into force by the Appeal Court. On 19th February 2021, the Liquidation Commision of Tengri Bank published information of liquidation of the Bank.

Joint Venture: International

Sr. No Name of the Entity / Associates Country of
incorporation
Proportion of
ownership
1

Everest Bank Ltd.

Nepal 20.03%
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