PNB to conduct financial due diligence
Punjab National Bank has decided to appoint a consultant for conducting financial and tax due diligence for the process of the merger of the bank with Oriental Bank of Commerce and United Bank of India under the scheme of mergers announced by the central government. The consultant would be required to conduct a detailed due diligence exercise on the proposed amalgamation of the 3 banks for the financial year 2016-17, 2017-18, 2018-19 and latest available published results of 2019-20. The due diligence exercise will majorly consist of financial due diligence which shall include analysis of financial and accounting to identify major issues and risks and tax due diligence which shall include analysis of direct and indirect taxes. The exercise will also include conduct of detailed and thorough examination of the 3 banks, analyses of ledgers and financial results presented in the balance sheet and assessment of consistency of accounting policies/norms adopted by each of the 3 banks.