Punjab National Bank (PNB) said it plans to buy a 30 percent stake in the Indian venture of Metlife , the biggest U.S. life insurer, for an undisclosed amount. PNB also agreed to enter into a 10-year distribution tie-up with Metlife India, in which Jammu and Kashmir Bank and M.Pallonji & co also hold stakes.
The deal is expected to be closed by end-2011.
