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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 81

# PNB Insurance Broking Company is non-functional. The Broking licence has been surrendered and steps are being initiated for winding-up of the Company.


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) and Mutual Funds Distribution. 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.

The Bank is holding majority stake in above company, jointly with Vijaya Bank, minor shareholder.

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 49%

Joint Venture: International

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

Everest Bank Ltd.

Nepal 20%
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