Bank Chairman and Chief Executive Mushtaq Ahmed had last October said the lender was considering to fully exit the investment.
Jammu & Kashmir Bank is planning to exit PNB MetLife Insurance by selling its 5 percent stake in the life insurance joint venture, an official said today. "Initial talks to fully exit the insurance business by selling the entire 5 per cent stake in PNB MetLife Insurance are on and it may help raise over Rs 500 crore," the official told PTI.
Bank Chairman and Chief Executive Mushtaq Ahmed had last October said the lender was considering to fully exit the investment. He had hinted the bank would wait for the right pricing to sell out. Ahmed was not immediately available for comment on the possible stake sale.
PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHI and PNB being the majority shareholders.
In 2012, the bank had cut its stake to 5 percent by selling 6 percent in the insurance venture and raised Rs 190 crore. State-run Punjab National Bank holds 26 percent in the venture, while US-based MetLife has 26 percent stake. The Srinagar-headquartered lender, held majorly by the state government, acts as a corporate agent selling policies of the life insurer.
Also Read: Hidden stressed loan story absolutely false, says J&K Bank
JK Bank stock price
On June 05, 2014, Jammu and Kashmir Bank closed at Rs 1569.75, up Rs 26.15, or 1.69 percent. The 52-week high of the share was Rs 1995.00 and the 52-week low was Rs 995.00.
The company's trailing 12-month (TTM) EPS was at Rs 243.92 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 6.44. The latest book value of the company is Rs 1247.41 per share. At current value, the price-to-book value of the company is 1.26.
Anda sedang membaca artikel tentang
Jammu Kashmir Bank plans to exit PNB MetLife Insurance
Dengan url
http://efektifkesehatan.blogspot.com/2014/06/jammu-kashmir-bank-plans-to-exit-pnb.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Jammu Kashmir Bank plans to exit PNB MetLife Insurance
namun jangan lupa untuk meletakkan link
Jammu Kashmir Bank plans to exit PNB MetLife Insurance
sebagai sumbernya
0 komentar:
Posting Komentar