IPO Name: PUNJAB & SIND BANK.
IPO Opening Date: 13-12-2010
IPO Closing Date: 16-12-2010
Price Band: Rs. 113/- to Rs.120/-
Bid Lot: 50 shares and multiple thereof
Discount : 5 % ( only for Employee & Retail Bidders at the time of allotment
Punjab & Sind Bank is a GoI undertaking, incorporated in June 1908 in Amritsar. It was one of the six banks nationalized by the GoI in April 1980, and today, is one of 19 nationalized banks in India. In the annual Business Today-KPMG survey of Best Banks in India 2008, it was ranked number one on the list of 'Small Sized
Best Banks in India'.
In over 100 years of operation, PSB has significantly grown its branch network with a presence predominantly in north India. As on October 31, 2010, their network comprised of 926 branches and 63 ATMs across India. They also sponsor one regional rural bank, Sutlej Gramin Bank, in collaboration with the GoI and the state Government of Punjab. As on September 30, 2010, they had a total of 8,047 employees, serving over 0.66 crore customers. PSB's primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services. They have various deposit products, such as current, savings and term deposits for customers. In retail banking, they provide loans and advances for housing, trade, automobiles, consumer durables, education and personal loans.
They provide commercial banking products and services to corporate customers, including mid-sized and small businesses and government entities. In corporate banking, their loan products include term loans to finance capital expenditure of assets across various industries as well as short-term loans, cash and export credit
and other working capital financing and bill discounting facilities. PSB also provides credit substitutes, such as letters of credit and guarantee. They engage in syndication of loans provided by other financial institutions and other fee-based services such as cash management and remittance services. In the priority sector, they offer direct financing to farmers for production, as well as indirect financing for infrastructure development and credit to suppliers of agricultural inputs.
They also offer a wide range of general banking services to customers including ATM cards, cash management, remittance services and collection services.
- High asset quality and robust financial growth
- Wide distribution network and infrastructure
- Streamlined risk management controls, policies and procedures
- Stringent provisioning coverage ratio for advances
- To adopt and operationalise high-level technology standards
- Increase fee-based revenue
Based on the above reasons we are giving a SUBSCRIBE call to Panjab & Sind Bank
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