United Bank, PNB, OBC look for merging by April

In an aim of minimizing hardships to customers, the board of Punjab National Bank (PNB) is looking at an April deadline for completing the process in order to create the country’s second largest bank.

According to a senior bank executive, the board of OBC, which will merge with PNB, is expected to meet around October 18 to give an in-principle approval to the marriage arranged by the government.

Cheque books and account numbers and some of the other details for customers will change post-merger, along with a new name and logo for the merged entity, sources said. PNB may provide a six month grace period for customers to revalidate their standing instructions and also issue new post-dated cheques in case the need arises.

The managing directors of the three banks are expected to jointly address employees and customers in the coming weeks to allay any fears, they added.