The bank is also open to consolidation but ruled out a merger with ailing IFCI Ltd if it resulted in erosion of shareholder's value.
The bank has told the government that it was only looking to acquire the healthy assets of IFCI. PNB has also sought tax benefits for taking over ailing banks and financial institutions.
As part of its plans for expansion into other areas of the financial sector, PNB is awaiting Reserve Bank of India's approval for life insurance and pension ventures. It also intends to open an insurance brokerage company.
In the life insurance venture, PNB will hold 30 per cent stake while Principal Financial Group will have 26 per cent and Vijaya Bank 5 per cent.
The remaining 39 per cent would be held by Berger Paints. PNB and Principal will work out the equity structure for the pension venture once the Pension Fund Regulatory Development Authority comes up with the norms for the sector.
PNB has appointed Deloite as the consultant for preparing a roadmap for setting up a subsidiary in the UK, the bank's chairman & managing director SS Kohli said while launching the road show for a public offer of 80 million shares.
Deloite is expected to submit its a preliminary report in two months, PNB executive director K C Chackrabarty added.
The bank has drawn up plans to convert its representative office in Kazakhstan into a branch office and is expecting that the Afghanistan branch will break even during the course of the financial year.
It has also received permission to open an offshore banking unit in Sri Lanka.
