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| PNB to open 5 overseas offices in next few months |
| Press Trust of India / New Delhi May 25, 2009, 16:52 IST |
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The country's second largest PSU lender, Punjab National Bank, today said it is planning to open five overseas offices in the next few months.
These include a branch each in Shanghai, Dubai, Norway, a subsidiary in Vancouver, Canada, and a joint venture in Bhutan, PNB General Manager Ranjan Dhawan told reporters after announcing a tie-up with Moneygram for remittance business.
"We expect licences in the next few months," he said, adding the bank has already filed for regulatory approvals with various authorities.
Asked about the time frame by which all the offices would come up, he said, it would depend on how soon approvals are in place. However, he said the Bhutan joint-venture is expected to be operational by September.
The objective for expansion is to cater to the Indian population in these countries and provide trade financing to Indian corporates from those locations, he said. Recently, the bank increased its branches by one each in both Hong Kong and the UK.
Talking about the remittance business, he said the tie-up with Moneygram will help increase its market share which is currently at 5.2 per cent.During 2007-08, India received about $43 billion from remittance.To begin with, Dhawan said, 150 branches of PNB would provide remittance facility which will be subsequently increased.
Using this service customers can receive their money remitted from abroad through any PNB branch in India, he said.The other partner in the tie-up include Thomas Cook and UAE Exchange. Moneygram will provide payment gateway while payment could be received from PNB branches, UAE Exchange and Thomas Cook outlets.
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