The bank also plans to go for an initial public offer by March 2001 and launch other financial products in the coming months, PNB chairman SS Kohli said here on Wednesday. About card business, he said "the co-branded credit cards in association with HSBC and the cards majors will be launched in October this year." Asked whether the cards would bear HSBC name, Kohli said it's yet to be decided, it may have names of both the banks.

Under the facility, PNB credit cards could be used to draw money from HSBC outlets in the country apart from the bank's own outlets.

PNB is also planning to increase its automatic teller machine (ATM) facilities to an additional 77 centres as part of strategy to boost its card business and compete with other foreign and private banks.

About other new product, Kohli said the bank would come up with some sort of product for retail clients to invest in government papers in the next three months. Till date, government securities are transacted mainly by banks, primary dealers, mutual funds, pension and provident funds owing to the high face value of the papers. PNB also plans to enter the gold business within the next two months, Kohli said.