Bandhan Bank is withdrawing from the move to acquire PNB Housing Finance. The bank, with a notable microfinance portfolio, was keen to acquire the Punjab National Bank-promoted housing finance company as it would have allowed it to diversify its portfolio. The bank backed out at the last moment and did not submit the non-binding offer, the source said. Canadian Pension Plan Investment Board and KKR are among those who did not submit the initial offer to acquire the publicly listed deposit taking housing finance company. Private equity firm Carlyle Group holds 33% in the housing finance company and is looking to sell its stake too.
