PNB to con­duct fi­nan­cial due dili­gence

Banking Frontiers - - Project Pipeline -

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.

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