Financial Daily from THE HINDU group of publications
Tuesday, Feb 17, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 17, 2004 |
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Money & Banking
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Public Sector Banks No impact of merger plan on PNB rating: S&P Our Bureau
Mumbai , Feb. 16 INTERNATIONAL Rating Agency Standard and Poor's has said that the recent announcement of the "in-principle" merger approval given by the boards of Punjab National Bank and Industrial Finance Corporation of India is not expected to have an immediate impact on the public information rating on PNB. S&P has said, that it has based its prediction based on factors which include, IFCI's large amount of NPA's being transferred to an asset reconstruction company prior to the merger with PNB, the continuation of the Governments existing financial support restructuring package of $1.16 billion, with PNB and PNB's utilisation of tax benefits, which is yet to be finalised, arising from IFCI's net losses.
More Stories on : Public Sector Banks | Mergers & Acquisitions | Credit Rating
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