PNB eying foreign shores for expansion | india | Hindustan Times
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PNB eying foreign shores for expansion

PUNJAB NATIONAL Bank (PNB) is eying foreign shores for expanding its operations. After the Reserve Bank of India (RBI) has granted approval for overseas expansion, PNB hopes to open subsidiaries in London (UK) and Vancouver (Canada) and two Foreign Overseas Business Units (FOBUs) at Singapore and Hong Kong. Chairman and Managing Director (CMD) SC Gupta disclosed this here today.

india Updated: Mar 08, 2006 01:18 IST

PUNJAB NATIONAL Bank (PNB) is eying foreign shores for expanding its operations. After the Reserve Bank of India (RBI) has granted approval for overseas expansion, PNB hopes to open subsidiaries in London (UK) and Vancouver (Canada) and two Foreign Overseas Business Units (FOBUs) at Singapore and Hong Kong. Chairman and Managing Director (CMD) SC Gupta disclosed this here today.

Talking to the media persons, he said that in his recent visit to Singapore and Hong Kong, he met with officials in the host countries and work out formalities for setting up overseas branches. “We are the largest public sector bank with 4,525 branches and 454 extension counters across the country. It is time for the bank to look at overseas markets,” said Gupta. He expects FOBUs to be operational in next eight months.

While highlighting the achievements of the bank in customer’s convenience, he said that in a short span of less than three years, PNB’s debit card base has increased to over 14 lakh.

Besides, the bank has enhanced interest rates on term deposits with effect from (w.e.f.) February 20, 2006. The offer is for a limited period upto March 30, 2006.