Pnb Seeks Rbi Nod For Kabul, Shanghai, Dubai Offices

Punjab National Bank (PNB) has sought Reserve Bank of India's permission to open representative offices in Kabul, Shanghai and Dubai. The bank is also planning to set up a venture in the proposed overseas business unit in special economic zones.

"We have approached RBI for permission to set up representative offices in three countries which will help us in getting a footprint in overseas markets," PNB chairman and managing director S S Kohli said here today. At present, the bank only has a representative office in Kazakhastan.

He also said the bank will identify an Indian partner for its joint venture with Vijaya Bank and Zurich. The bank has already seen two of its partners walk out of the insurance venture which has delayed its foray into the sector that was liberalised in 2000. Originally, Zurich, Vijaya Bank and PNB had tied up with the Munjals of Hero group to set up a life and a non-life venture, but after Hero pulled out, DCM Consolidated was roped in for setting up a life insurance company.

 

Kohli also said the bank has decided to shut down its subsidiary PNB Capitals which offered merchant banking services despite the venture turning the corner and posting a marginal profit of a little over Rs 2 crore during the last fiscal.

He further said the bank has approached RBI for permission to rope in a partner in PNB Asset Management Company, which is also posting profits after a five year lag.