PNB partners E

New Delhi, July 24 (UNI) Punjab National Bank today announced its partnership with a multidisciplinary professional services provider Ernest&Young Pvt Ltd to foray in the credit card business, which is likely to be functional by February 2007.

''The bank has decided to set-up a joint venture subsidiary which will exclusively deal with all aspects of its credit card business in the intense competitive environment,'' PNB Executive Director K Raghuraman said here.

This JV in the field of credit card business will help to leverage the brand equity, customer relationship and the vast network of the bank with technological and marketing capabilities of the prospective partners, so as to offer card products that are value for money and supported by quality and service, he added.

The JV subsidiary will start functioning in February 2007 as the consultancy company is expected to accomplish the desired task in six months.

UNI VJ PV PC1745