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| PNB to open five overseas offices |
| BS Reporter / New Delhi May 26, 2009, 00:37 IST |
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In order to cater to Indian emigrant population, Punjab National Bank (PNB), the country’s third largest bank, is planning to open five overseas offices over the next one year. The branches will be at Shanghai, Dubai, Norway, a subsidiary at Vancouver, Canada and a joint venture in Bhutan.
The bank, which had no international presence two years ago, recently opened a branch each in Hong Kong and the UK.
“We have filed for approvals in the different countries and expect licences in a few months time. The Bhutan joint venture will be operational by September (this year),” said Ranjan Dhawan, general manager of PNB after announcing a tie up with Moneygram International for remittance business.
The bank, which has a market share of around 5.2 per cent in the remittance business, expects to increase its presence by having an alliance with US based company Moneygram International.
India received $45 billion in remittances in 2008 making it the largest remittance market in the world. Currently remittances account for 3 per cent of India’s Gross domestic product (GDP).
Moreover, the bank which saw a 50 per cent net profit growth during last fiscal, is planning to establish 1,00,000 touch points in rural areas in north-India to increase it’s domestic presence this fiscal.
The Bank also announced that its newly formed subsidiary - PNB Investment services Limited will be operational in three months. This company will provide business consultancy services.
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