PNB awaits India regulator’s approval on Metlife deal

The lender invokes right to secrecy on its details and strategy on the deal.

Awaiting regulatory approval for its proposed acquisition of a 30 per cent stake in insurance company Metlife, Punjab National Bank (PNB) has said it will not disclose the rationale behind the move or the financial details until IRDA gives its nod, according to a report in Economic Times.

"We are waiting regulatory approval from the Insurance Regulatory and Development Authority (IRDA) for the deal and unless that comes through, we will not disclose the details and strategy," PNB Chairman and Managing Director K R Kamath told PTI on the sidelines of the 100-year celebrations of the bank's operations in the eastern region.