PNB to launch credit card business in second-half of this fiscal

State-owned Punjab National Bank (PNB) will be launching its credit card business in the second-half of this fiscal year. A top bank official informed that bank is likely to launch its credit card business in the second-half of this fiscal and will be signing an agreement with Visa or Mastercard for the venture.

J M Garg told reporters on the sidelines of a seminar, "We expect the credit card business to get operational in a period of six months and would tie-up with Visa or Mastercard for the business. We have finalized the business strategy for the proposed card business, PNBs Executive Director."

Garg told PNB is in talks with a few potential players for its subsidiary as the bank has plans to part from around 26 per cent stake in its subsidiary, PNB Gilts, sometime this fiscal.

Bank is looking at a better pricing for the deal and is having talks with a few players. He said I expect to close the deal sometime in the present fiscal when market conditions are conducive for that (the deal).

Speaking about its overseas operations, Garg said that the bank will be setting up a subsidiary in Canada and a representative office in Singapore apart from up gradation of its existing representative office in Dubai.