Pnb Opens Branch In Kazakhstan

Punjab National Bank (PNB) yesterday opened its first office abroad at Almaty in Kazakhstan after it shut down all its foreign branches more than five years ago. Bank officials said PNB chairman and managing director Rashid Jilani opened a representative office in Kazakhstan yesterday. According to the regulations of the Central Bank of Kazhakhstan, the representative office could be converted into a branch after a period of one year.

They said the branch would facilitate trade between India and the Commonwealth of Independent States (CIS) region.

PNB was among the banks, along with Uco Bank and the Central Bank of India, directed by the Reserve Bank of India (RBI) to shut down its foreign branches a few years ago. However, with PNB having recovered well from the adverse impact of the PNB-New Bank of India merger, it is charting a plan to spread its wings abroad. The foreign branches of PSU banks have reported consistent growth in business and added considerably to the profits of the banks.