New Delhi: Buoyed by roaring business in the first year of operation, Punjab National Bank’s UK subsidiary is planning to ramp up its branch network to meet aggressive growth objective.
“The subsidiary earned profit in the first year of operation itself. We are planning to adding two more branches in the UK,” PNB General Manager Ranjan Dhawan said.
The branches would come up in Bermingham and Leicester in the next 3-4 months, he said.
Punjab National Bank International Ltd (PNBIL) has done a business of over $250 million since its inception in May last year, he said.
Currently, the subsidiary has its branches at Gresham Street and Southall.
PNBIL offers tailored banking facilities, trade and loan finance to the large Indian diaspora as well as retail banking customers. Besides, it also enables customers to transmit remittances to and from India.
In addition, the bank is also in the process of starting overseas operations in four new locations in the immediate future, including Norway, Dubai, Shanghai and Singapore.
The bank is in the process of setting up a representative office in Norway, he said adding it should come up in the next couple of months.
RBI has already accorded approval for upgrading the bank’s Shanghai (China) representative office to a branch.
PNB is also planning to upgrade its representative office in Dubai International Financial Centre (DIFC) into a branch.