The Hindu Business Line : PNB plans to ‘soft launch’ HK branch on Monday

New Delhi, Dec. 15 Punjab National Bank (PNB) plans to “soft launch” on Monday its first branch at Hong Kong, which is one of the key financial centres in Asia. The branch, located at the central business district, would carry out both retail and wholesale banking, PNB officials said.

“Hong Kong occupies a very important position as one of the key financial centres in Asia. It is also a gateway for the increasing economic ties with China being the only financial market where Renminbi transactions are permitted outside the Mainland. These are precisely the reasons why PNB has decided to have a presence in Hong Kong and to play an active role in further strengthening relations,” Dr K.C. Chakrabarty, Chairman and Managing Director of PNB, told a press conference.

strong ties

Hong Kong’s Financial Secretary, Mr John C. Tsang, said that PNB’s presence at Hong Kong highlights the strong ties between the banking sectors of both the countries.

He also said that the Hong Kong Government wants to develop Hong Kong as a truly global financial centre on par with London and New York.

As on end-September 2007, PNB’s deposits stood at $37.97 billion and advances stood at $25.69 billion. Its total business stood at $63.66 billion. Expanding its footprint abroad, PNB had established a subsidiary Punjab National Bank International Ltd, which started its operations with two branches in London in May.

Currently, PNB has representative offices at Shanghai, Dubai, Almaty, besides a branch in Kabul, Afghanistan.

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