PNB UK arm gets Moody's rating

Punjab National Bank (International), the UK-based wholly-owned subsidiary of India's second largest state-run lender PNB, has been awarded 'Investment grade' ratings with 'stable outlook' by rating agency Moody's.

This was announced at the Board meeting of the bank here by S K Dubey, the General manager, Punjab National Bank. 

Dubey claimed that PNBIL is one of the youngest banks to be rated by Moody's. The rating agency awarded Baa3/P-3 for Bank Deposits and 'D' for Bank financial Strength Rating.

The Bank earned pre-tax profits of $3.16 million during the half year ended September 2009.

PNBIL Managing Director S R Sharma said achievements were possible owing to the strength of strong brand equity of its parent organisation.