RETAIL BANKING | Cesar Tordesillas, India

Bank of Punjab gets US$123M capital boost from Punjabi govt

The Government of the Punjab contributed US$123 million as advance subscription money towards proposed increase in the Bank of Punjab’s paid up capital.A bank statement insists that the money was earmarked prior to the release of Bank of Punjab’s financial statements.The Board of Directors of The Bank of Punjab has approved the audited financial statements for the year ended 31 December 2008 only last 4 June 2009.The delay in release of the financial statements, according to the bank statement, was due to the completion of arrangements to support equity of the Bank by the Government of Punjab being majority shareholder.The bank further stated that "the contribution lends more stability and resilience to the Bank’s financial health."The Board and the management of the bank also emphasized that they are reiterating their firm resolve and unwavering commitment to customer focus, service excellence and enhanced value creation for the stakeholders to transform BOP into one of the premier financial institutions in the country.

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